The Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) experienced a notable surge in short interest during October. As of October 15, 2023, short interest reached a total of 184,100 shares, representing an increase of 48.7% from the 123,800 shares reported on September 30. The current short-interest ratio, calculated based on an average daily trading volume of 803,100 shares, stands at just 0.2 days. Approximately 3.4% of the fund’s total shares are now short sold.
In trading on Tuesday, shares of the Direxion Daily S&P 500 High Beta Bear 3X Shares increased by 8.1%, closing at $5.96. The volume of shares exchanged was 1,366,283, significantly higher than the average volume of 528,883 shares. Over the past year, the fund has seen a low of $5.27 and a high of $41.69. The 50-day moving average is currently $6.49, while the 200-day moving average is $9.75.
Institutional Investor Activity
Several institutional investors have made adjustments to their holdings in the Direxion Daily S&P 500 High Beta Bear 3X Shares recently. Tower Research Capital LLC acquired a new stake in the fund during the second quarter, valued at approximately $219,000. Additionally, Simplex Trading LLC purchased a new stake in the first quarter, valued at $63,000. Virtu Financial LLC also raised its stake by 3.6% in the first quarter, now holding 30,651 shares valued at $775,000 after acquiring an additional 1,070 shares during that period.
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 designed to provide 3x daily inverse exposure to a beta-weighted index comprised of the 100 highest-beta stocks in the S&P 500. Launched on November 7, 2019, the fund is managed by Direxion. Investors interested in HIBS can receive daily updates and analyst ratings by subscribing to MarketBeat.com’s newsletter.
This increase in short interest reflects a growing sentiment among traders regarding the volatility in the market, particularly concerning high-beta stocks. As investors continue to navigate economic uncertainties, such movements may signal shifting strategies in the pursuit of market gains.
