Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) Shares Shorted: Short Interest Down 52.3% in September

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) was the target of a significant decline in short interest during the month of September. As of September 15th, there was short interest totaling 95,740 shares, a decline of 52.3% from the August 31st total of 200,750 shares. Currently, 2.6% of the company’s stock are short sold. Based on an average daily trading volume, of 920,086 shares, the days-to-cover ratio is presently 0.1 days.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Stock Down 5.2%

NYSEARCA:DRIP traded down $1.97 on Thursday, reaching $35.61. 675,789 shares of the stock traded hands, compared to its average volume of 2,206,767. 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. The company’s fifty day simple moving average is $37.13 and its 200 day simple moving average is $43.59.

Institutional Trading of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF

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

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

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.