Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Stock Price Up 3.2% – Should You Buy?

Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS)’s stock price rose 3.2% during mid-day trading on Thursday . The stock traded as high as $16.18 and last traded at $15.68. Approximately 340,461 shares changed hands during mid-day trading, an increase of 37% from the average daily volume of 248,869 shares. The stock had previously closed at $15.19.

Direxion Daily S&P 500 High Beta Bear 3X Shares Stock Up 10.5 %

The company has a 50 day moving average price of $17.28 and a 200-day moving average price of $19.26.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. GTS Securities LLC bought a new position in Direxion Daily S&P 500 High Beta Bear 3X Shares during the fourth quarter valued at about $904,000. Virtu Financial LLC bought a new position in Direxion Daily S&P 500 High Beta Bear 3X Shares during the fourth quarter valued at about $563,000. Finally, Jane Street Group LLC boosted its stake in Direxion Daily S&P 500 High Beta Bear 3X Shares by 37.2% during the fourth quarter. Jane Street Group LLC now owns 26,518 shares of the company’s stock valued at $505,000 after buying an additional 7,183 shares in the last quarter.

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

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.