Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Shares Up 7.3% – Still a Buy?

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

Direxion Daily S&P 500 High Beta Bear 3X Shares Stock Up 7.3 %

The company’s 50 day simple moving average is $22.53 and its 200 day simple moving average is $19.49.

Institutional Trading of Direxion Daily S&P 500 High Beta Bear 3X Shares

A number of large investors have recently made changes to their positions in the company. Jane Street Group LLC grew its stake 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 acquiring an additional 4,764 shares during the period. Virtu Financial LLC bought a new position in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the 4th quarter valued at about $563,000. GTS Securities LLC acquired a new position in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares in the 4th quarter valued at approximately $904,000. Finally, Procyon Advisors LLC bought a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares during the 1st quarter worth approximately $209,000.

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.