Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) Sees Significant Growth in Short Interest

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 200,750 shares, a growth of 68.1% from the August 15th total of 119,440 shares. Approximately 8.0% of the company’s stock are sold short. Based on an average daily trading volume, of 698,368 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF

Several large investors have recently bought and sold shares of the stock. Group One Trading LLC increased its position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 26.9% during the first quarter. Group One Trading LLC now owns 10,774 shares of the company’s stock worth $45,000 after purchasing an additional 2,281 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 31.8% in the 2nd quarter. IFP Advisors Inc now owns 19,496 shares of the company’s stock valued at $104,000 after purchasing an additional 4,700 shares during the period. IMC Chicago LLC acquired a new stake in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF in the 1st quarter valued at about $181,000. Finally, Bank of New York Mellon Corp purchased a new position in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF during the 1st quarter worth approximately $414,000.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Stock Performance

Shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF stock opened at $33.71 on Friday. The company has a fifty day simple moving average of $38.35 and a 200-day simple moving average of $44.58. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF has a 12-month low of $30.52 and a 12-month high of $99.00.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Company Profile

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP) is an exchange-traded fund that mostly invests in energy equity. The fund provides 2x inverse daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US. DRIP was launched on May 28, 2015 and is managed by Direxion.