Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Trading 7.3% Higher – Here’s Why

Shares of Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) rose 7.3% during mid-day trading on Wednesday . The company traded as high as $25.81 and last traded at $24.61. Approximately 275,839 shares traded hands during mid-day trading, an increase of 21% from the average daily volume of 228,304 shares. The stock had previously closed at $22.93.

Direxion Daily S&P 500 High Beta Bear 3X Shares Price Performance

The firm has a fifty day moving average of $22.69 and a 200 day moving average of $19.53.

Institutional Trading of Direxion Daily S&P 500 High Beta Bear 3X Shares

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Procyon Advisors LLC acquired a new position in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the 1st quarter valued at about $209,000. Jane Street Group LLC raised its stake in Direxion Daily S&P 500 High Beta Bear 3X Shares by 32.7% during the third quarter. Jane Street Group LLC now owns 19,335 shares of the company’s stock worth $370,000 after purchasing an additional 4,764 shares during the period. Virtu Financial LLC acquired a new position in Direxion Daily S&P 500 High Beta Bear 3X Shares in the 4th quarter valued at about $563,000. Finally, GTS Securities LLC purchased a new stake in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares in the 4th quarter valued at approximately $904,000.

Direxion Daily S&P 500 High Beta Bear 3X Shares Company Profile

The Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is an exchange-traded fund that is based on the S&P 500 High Beta index. The fund provides 3x daily inverse exposure to a beta-weighted index of 100 highest-beta stocks in the S&P 500. HIBS was launched on Nov 7, 2019 and is managed by Direxion.