Direxion Daily Magnificent 7 Bear 1X Shares (NYSEARCA:QQQD) Sees Large Growth in Short Interest

Direxion Daily Magnificent 7 Bear 1X Shares (NYSEARCA:QQQD) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 64,382 shares, an increase of 664.8% from the May 31st total of 8,418 shares. Approximately 3.6% of the shares of the company are sold short. Based on an average daily trading volume, of 189,809 shares, the days-to-cover ratio is presently 0.3 days.

Direxion Daily Magnificent 7 Bear 1X Shares Stock Down 0.9%

QQQD stock traded down $0.12 during midday trading on Friday, reaching $13.79. 137,938 shares of the company’s stock traded hands, compared to its average volume of 181,314. Direxion Daily Magnificent 7 Bear 1X Shares has a 52-week low of $12.01 and a 52-week high of $16.00. The stock’s 50-day moving average is $12.74 and its 200 day moving average is $13.32.

Institutional Investors Weigh In On Direxion Daily Magnificent 7 Bear 1X Shares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wakefield Asset Management LLLP bought a new position in Direxion Daily Magnificent 7 Bear 1X Shares in the 3rd quarter worth $3,130,000. Virtu Financial LLC bought a new stake in Direxion Daily Magnificent 7 Bear 1X Shares during the fourth quarter valued at about $454,000. Susquehanna International Group LLP bought a new stake in Direxion Daily Magnificent 7 Bear 1X Shares during the third quarter valued at about $433,000. Finally, Bank of Montreal Can purchased a new stake in Direxion Daily Magnificent 7 Bear 1X Shares in the fourth quarter worth about $54,000.

Direxion Daily Magnificent 7 Bear 1X Shares Company Profile

The Direxion Daily Concentrated Qs Bear 1X Shares (QQQD) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks -1x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQD was launched on Mar 7, 2024 and is issued by Direxion.