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

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP) saw a large decrease in short interest in the month of July. As of July 15th, there was short interest totaling 156,683 shares, a decrease of 88.8% from the June 30th total of 1,404,916 shares. Currently, 6.3% of the shares of the stock are sold short. Based on an average trading volume of 2,947,442 shares, the short-interest ratio is presently 0.1 days.

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

NYSEARCA:DRIP traded up $1.70 during midday trading on Monday, hitting $43.29. 326,409 shares of the stock were exchanged, compared to its average volume of 2,705,177. The business has a 50-day moving average price of $48.17 and a two-hundred day moving average price of $54.78. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares has a one year low of $37.70 and a one year high of $104.22.

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

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Group One Trading LLC raised its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 26.9% during 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. Bank of New York Mellon Corp acquired a new stake in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares during the 1st quarter worth about $414,000. 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. JPMorgan Chase & Co. increased its holdings in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 5,977.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,923 shares of the company’s stock valued at $42,000 after purchasing an additional 4,842 shares during the period. Finally, Virtu Financial LLC lifted its position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 65.7% in the third quarter. Virtu Financial LLC now owns 213,277 shares of the company’s stock worth $1,826,000 after purchasing an additional 84,538 shares in the last quarter.

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.