Direxion Daily Magnificent 7 Bear 1X ETF (NYSEARCA:QQQD) Short Interest Down 78.0% in August

Direxion Daily Magnificent 7 Bear 1X ETF (NYSEARCA:QQQD) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totaling 16,106 shares, a drop of 78.0% from the August 15th total of 73,368 shares. Based on an average daily trading volume, of 56,946 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Susquehanna International Group LLP acquired a new stake in Direxion Daily Magnificent 7 Bear 1X ETF during the third quarter worth $433,000. Bank of Montreal Can acquired a new position in shares of Direxion Daily Magnificent 7 Bear 1X ETF in the 4th quarter valued at $54,000. Finally, Virtu Financial LLC bought a new position in shares of Direxion Daily Magnificent 7 Bear 1X ETF during the 4th quarter worth about $454,000.

Direxion Daily Magnificent 7 Bear 1X ETF Price Performance

Shares of QQQD stock traded down $0.09 during mid-day trading on Friday, reaching $12.22. The stock had a trading volume of 85,920 shares, compared to its average volume of 148,587. Direxion Daily Magnificent 7 Bear 1X ETF has a one year low of $12.01 and a one year high of $15.52. The firm’s 50 day simple moving average is $12.63 and its 200 day simple moving average is $13.11.

About Direxion Daily Magnificent 7 Bear 1X ETF

The Direxion Daily Concentrated Qs Bear 1X Shares (QQQD) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks -1x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQD was launched on Mar 7, 2024 and is issued by Direxion.