Direxion Daily NVDA Bear 1X ETF (NASDAQ:NVDD) Stock Falls 2.5% – Here’s Why

Direxion Daily NVDA Bear 1X ETF (NASDAQ:NVDD)’s share price dropped 2.5% during mid-day trading on Wednesday. The company traded as low as $29.59 and last traded at $29.62. Approximately 284,589 shares traded hands during mid-day trading, an increase of 52% from the average daily volume of 187,134 shares. The stock had previously closed at $30.39.

Direxion Daily NVDA Bear 1X ETF Stock Performance

The company’s 50-day moving average is $29.83 and its 200 day moving average is $32.13.

Institutional Investors Weigh In On Direxion Daily NVDA Bear 1X ETF

A hedge fund recently raised its position in Direxion Daily NVDA Bear 1X ETF stock. Optiver Holding B.V. increased its position in Direxion Daily NVDA Bear 1X ETF (NASDAQ:NVDD) by 154.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,166 shares of the company’s stock after acquiring an additional 6,165 shares during the period. Optiver Holding B.V. owned about 1.56% of Direxion Daily NVDA Bear 1X ETF worth $409,000 at the end of the most recent reporting period.

Direxion Daily NVDA Bear 1X ETF Company Profile

The Direxion Daily NVDA Bear 1X Shares (NVDD) is an exchange-traded fund that mostly invests in information technology equity. The fund provides inverse (-1x) exposure, less fees and expenses, to the daily price movement for shares of NVIDIA stock. NVDD was launched on Sep 13, 2023 and is issued by Direxion.