Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Shares Down 2.6% – Time to Sell?

Shares of Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) dropped 2.6% on Tuesday . The company traded as low as $18.65 and last traded at $18.70. Approximately 132,642 shares changed hands during trading, a decline of 46% from the average daily volume of 244,927 shares. The stock had previously closed at $19.19.

Direxion Daily S&P 500 High Beta Bear 3X Shares Trading Down 2.6 %

The company’s fifty day moving average price is $19.45 and its 200-day moving average price is $22.68.

Institutional Investors Weigh In On Direxion Daily S&P 500 High Beta Bear 3X Shares

A hedge fund recently raised its stake in Direxion Daily S&P 500 High Beta Bear 3X Shares stock. Jane Street Group LLC boosted its position in Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) by 32.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,335 shares of the company’s stock after buying an additional 4,764 shares during the period. Jane Street Group LLC owned approximately 1.35% of Direxion Daily S&P 500 High Beta Bear 3X Shares worth $370,000 as of its most recent filing with the Securities & Exchange Commission.

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.