Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP) Short Interest Down 88.8% in July

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP) was the recipient of a significant drop in short interest during the month of July. As of July 15th, there was short interest totaling 156,683 shares, a drop of 88.8% from the June 30th total of 1,404,916 shares. Based on an average daily volume of 2,947,442 shares, the short-interest ratio is currently 0.1 days. Approximately 6.3% of the company’s shares are short sold.

Hedge Funds Weigh In On Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares

A number of hedge funds have recently modified their holdings of the company. Group One Trading LLC raised its stake in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 123.5% during the second quarter. Group One Trading LLC now owns 4,775 shares of the company’s stock valued at $47,000 after acquiring an additional 2,639 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 5,977.8% in the third quarter. JPMorgan Chase & Co. now owns 4,923 shares of the company’s stock worth $42,000 after purchasing an additional 4,842 shares during the last quarter. IMC Chicago LLC purchased a new position in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares during the 1st quarter valued at about $181,000. Tower Research Capital LLC TRC increased its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 9.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 54,505 shares of the company’s stock valued at $533,000 after purchasing an additional 4,826 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares during the 1st quarter valued at approximately $414,000.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares Stock Up 1.6%

Shares of NYSEARCA DRIP traded up $0.67 during mid-day trading on Friday, hitting $41.59. The stock had a trading volume of 478,106 shares, compared to its average volume of 2,722,192. The business has a 50 day moving average price of $48.17 and a two-hundred day moving average price of $55.02. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares has a 1 year low of $37.70 and a 1 year high of $104.22.

About Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP) is an exchange-traded fund that mostly invests in energy equity. The fund provides 2x inverse daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US. DRIP was launched on May 28, 2015 and is managed by Direxion.