Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Stock Price Up 3.2% – Should You Buy?

Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS)’s share price were up 3.2% during mid-day trading on Thursday . The stock traded as high as $16.18 and last traded at $15.68. Approximately 340,461 shares were traded during mid-day trading, an increase of 37% from the average daily volume of 248,869 shares. The stock had previously closed at $15.19.

Direxion Daily S&P 500 High Beta Bear 3X Shares Stock Performance

The stock has a 50 day moving average price of $17.28 and a two-hundred day moving average price of $19.26.

Institutional Investors Weigh In On Direxion Daily S&P 500 High Beta Bear 3X Shares

A number of hedge funds and other institutional investors have recently made changes to their positions in HIBS. Jane Street Group LLC raised its stake in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares by 32.7% during the 3rd quarter. Jane Street Group LLC now owns 19,335 shares of the company’s stock worth $370,000 after purchasing an additional 4,764 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the 4th quarter worth about $563,000. Finally, GTS Securities LLC purchased a new stake in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the 4th quarter worth about $904,000.

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.