Direxion Daily Technology Bear 3X ETF (NYSEARCA:TECS) Sees Large Growth in Short Interest

Direxion Daily Technology Bear 3X ETF (NYSEARCA:TECS) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 204,353 shares, an increase of 56.8% from the August 15th total of 130,317 shares. Currently, 22.2% of the shares of the company are sold short. Based on an average trading volume of 338,893 shares, the days-to-cover ratio is currently 0.6 days.

Direxion Daily Technology Bear 3X ETF Price Performance

Shares of NYSEARCA TECS opened at $57.94 on Friday. Direxion Daily Technology Bear 3X ETF has a 52-week low of $56.64 and a 52-week high of $240.40. The firm’s 50-day moving average price is $66.06 and its two-hundred day moving average price is $101.38.

Hedge Funds Weigh In On Direxion Daily Technology Bear 3X ETF

Several hedge funds and other institutional investors have recently modified their holdings of TECS. Geneos Wealth Management Inc. acquired a new stake in shares of Direxion Daily Technology Bear 3X ETF in the 1st quarter worth about $57,000. IMC Chicago LLC acquired a new position in Direxion Daily Technology Bear 3X ETF during the 1st quarter valued at about $834,000. Finally, Virtu Financial LLC acquired a new position in Direxion Daily Technology Bear 3X ETF during the 4th quarter valued at about $958,000.

About Direxion Daily Technology Bear 3X ETF

The Direxion Daily Technology Bear 3X Shares (TECS) is an exchange-traded fund that is based on the Technology Select Sector index. The fund provides 3x leveraged inverse exposure to a market-cap-weighted index of US large-cap technology companies. TECS was launched on Dec 17, 2008 and is managed by Direxion.