Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Stock Price Up 7.3% – Should You Buy?

Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS)’s stock price shot up 7.3% on Wednesday . The stock traded as high as $25.81 and last traded at $24.61. 275,839 shares traded hands during mid-day trading, an increase of 21% from the average session volume of 228,304 shares. The stock had previously closed at $22.93.

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

The business’s 50-day simple moving average is $22.69 and its 200-day simple moving average is $19.53.

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

A number of institutional investors have recently modified their holdings of the stock. Procyon Advisors LLC acquired a new position in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares in the 1st quarter valued at $209,000. Jane Street Group LLC increased its holdings in Direxion Daily S&P 500 High Beta Bear 3X Shares by 32.7% in the third quarter. Jane Street Group LLC now owns 19,335 shares of the company’s stock valued at $370,000 after buying an additional 4,764 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares in the fourth quarter worth about $563,000. Finally, GTS Securities LLC purchased a new stake in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the 4th quarter worth about $904,000.

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.