Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP) Sees Significant Decrease in Short Interest

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP) was the recipient of a significant drop in short interest in May. As of May 15th, there was short interest totaling 1,488,474 shares, a drop of 47.4% from the April 30th total of 2,831,709 shares. Based on an average daily volume of 29,047,382 shares, the days-to-cover ratio is currently 0.1 days. Approximately 5.5% of the company’s shares are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Group One Trading LLC lifted its stake in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 28.2% in the 4th quarter. Group One Trading LLC now owns 8,493 shares of the company’s stock valued at $77,000 after purchasing an additional 1,868 shares during the period. Virtu Financial LLC boosted its stake in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 65.7% during the 3rd quarter. Virtu Financial LLC now owns 213,277 shares of the company’s stock valued at $1,826,000 after purchasing an additional 84,538 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 9.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 54,505 shares of the company’s stock worth $533,000 after purchasing an additional 4,826 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares during the 1st quarter worth approximately $414,000. Finally, JPMorgan Chase & Co. increased its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 5,977.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,923 shares of the company’s stock worth $42,000 after purchasing an additional 4,842 shares in the last quarter.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares Trading Down 5.3%

Shares of DRIP stock traded down $0.26 on Monday, hitting $4.61. The company had a trading volume of 28,011,782 shares, compared to its average volume of 26,357,701. The stock’s 50-day moving average is $4.53 and its two-hundred day moving average is $6.52. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares has a twelve month low of $3.77 and a twelve month high of $11.05.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares Company Profile

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.