Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) Sees Large Drop in Short Interest

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) saw a large decrease in short interest in the month of September. As of September 15th, there was short interest totaling 95,740 shares, a decrease of 52.3% from the August 31st total of 200,750 shares. Approximately 2.6% of the shares of the stock are sold short. Based on an average daily volume of 920,086 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DRIP. Bank of New York Mellon Corp bought a new position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF during the 1st quarter worth about $414,000. IMC Chicago LLC acquired a new stake in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF in the first quarter worth $181,000. IFP Advisors Inc raised its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 31.8% during the 2nd quarter. IFP Advisors Inc now owns 19,496 shares of the company’s stock valued at $104,000 after acquiring an additional 4,700 shares during the period. Finally, Group One Trading LLC lifted its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 26.9% in the 1st quarter. Group One Trading LLC now owns 10,774 shares of the company’s stock worth $45,000 after buying an additional 2,281 shares during the period.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Stock Down 0.9%

NYSEARCA DRIP traded down $0.34 during trading on Wednesday, reaching $37.51. 477,793 shares of the company’s stock were exchanged, compared to its average volume of 2,214,857. The company has a 50 day moving average price of $37.19 and a two-hundred day moving average price of $43.67. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF has a 1 year low of $30.52 and a 1 year high of $99.00.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Company Profile

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.