Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Trading Up 7.6% – Should You Buy?

Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS)’s stock price rose 7.6% during trading on Monday . The company traded as high as $21.00 and last traded at $20.72. 188,622 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 272,045 shares. The stock had previously closed at $19.26.

Direxion Daily S&P 500 High Beta Bear 3X Shares Stock Up 7.6%

The firm has a 50 day moving average of $22.15 and a 200 day moving average of $35.47.

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

Several hedge funds have recently made changes to their positions in the company. Group One Trading LLC purchased a new position in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the 3rd quarter valued at $28,000. StoneX Group Inc. bought a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares in the 4th quarter valued at about $55,000. HRT Financial LP bought a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares in the 4th quarter valued at about $59,000. Tower Research Capital LLC TRC purchased a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares during the second quarter valued at about $219,000. Finally, Virtu Financial LLC lifted its holdings in Direxion Daily S&P 500 High Beta Bear 3X Shares by 322.9% during the fourth quarter. Virtu Financial LLC now owns 168,005 shares of the company’s stock valued at $847,000 after purchasing an additional 128,276 shares during the last quarter.

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.