Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) Trading 5.3% Higher – Here’s Why

Shares of Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) shot up 5.3% during trading on Wednesday . The company traded as high as $20.15 and last traded at $20.11. 139,531 shares changed hands during trading, an increase of 62% from the average session volume of 86,044 shares. The stock had previously closed at $19.09.

Direxion Daily Dow Jones Internet Bear 3x Shares Price Performance

The stock’s 50-day moving average price is $20.65 and its 200-day moving average price is $22.56.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Direxion Daily Dow Jones Internet Bear 3x Shares stock. Bank of America Corp DE acquired a new stake in Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 700 shares of the company’s stock, valued at approximately $25,000.

About Direxion Daily Dow Jones Internet Bear 3x Shares

The Direxion Daily Dow Jones Internet Bear 3X Shares (WEBS) is an exchange-traded fund that is based on the DJ Internet Composite index. The fund provides 3x daily inverse exposure to a market-cap-weighted index of the largest and most liquid U.S. Internet companies. WEBS was launched on Nov 7, 2019 and is managed by Direxion.