Direxion Daily S&P 500 High Beta Bear 3X ETF (NYSEARCA:HIBS) Trading Down 8.1% – Time to Sell?

Shares of Direxion Daily S&P 500 High Beta Bear 3X ETF (NYSEARCA:HIBS) were down 8.1% during mid-day trading on Monday . The company traded as low as $17.00 and last traded at $17.21. 319,550 shares changed hands during mid-day trading, an increase of 24% from the average daily volume of 258,703 shares. The stock had previously closed at $18.72.

Direxion Daily S&P 500 High Beta Bear 3X ETF Stock Performance

The stock’s fifty day moving average price is $19.96 and its two-hundred day moving average price is $26.90.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Direxion Daily S&P 500 High Beta Bear 3X ETF stock. Virtu Financial LLC raised its holdings in Direxion Daily S&P 500 High Beta Bear 3X ETF (NYSEARCA:HIBS) by 322.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 168,005 shares of the company’s stock after buying an additional 128,276 shares during the quarter. Virtu Financial LLC owned about 3.75% of Direxion Daily S&P 500 High Beta Bear 3X ETF worth $847,000 at the end of the most recent quarter.

Direxion Daily S&P 500 High Beta Bear 3X ETF Company Profile

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.