Direxion Daily S&P 500 Bear 3X Shares (NYSEARCA:SPXS) Shares Gap Up – Should You Buy?

Shares of Direxion Daily S&P 500 Bear 3X Shares (NYSEARCA:SPXS) gapped up prior to trading on Friday . The stock had previously closed at $7.92, but opened at $8.54. Direxion Daily S&P 500 Bear 3X Shares shares last traded at $8.63, with a volume of 16,996,742 shares.

Direxion Daily S&P 500 Bear 3X Shares Trading Up 12.2 %

The stock’s 50-day moving average is $6.39 and its two-hundred day moving average is $6.31.

Direxion Daily S&P 500 Bear 3X Shares Cuts Dividend

The company also recently announced a dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 25th were paid a dividend of $0.0842 per share. The ex-dividend date was Tuesday, March 25th.

Hedge Funds Weigh In On Direxion Daily S&P 500 Bear 3X Shares

Institutional investors have recently bought and sold shares of the company. XTX Topco Ltd acquired a new position in shares of Direxion Daily S&P 500 Bear 3X Shares in the third quarter valued at approximately $101,000. AFG Fiduciary Services Limited Partnership acquired a new position in shares of Direxion Daily S&P 500 Bear 3X Shares in the fourth quarter worth $178,000. Patriot Investment Management Group Inc. acquired a new stake in shares of Direxion Daily S&P 500 Bear 3X Shares in the fourth quarter valued at $126,000. Foundations Investment Advisors LLC purchased a new position in Direxion Daily S&P 500 Bear 3X Shares in the fourth quarter valued at $375,000. Finally, Charter Oak Capital Management LLC raised its position in Direxion Daily S&P 500 Bear 3X Shares by 639.5% in the 4th quarter. Charter Oak Capital Management LLC now owns 79,432 shares of the company’s stock valued at $499,000 after purchasing an additional 68,691 shares in the last quarter.

About Direxion Daily S&P 500 Bear 3X Shares

Direxion Daily S&P 500 Bear 3X Shares ETF, formerly Direxion Daily S&P 500 Bear 3X Shares, seeks daily investment results of 300% of the inverse (or opposite) of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification.