As of October 15, 2023, short interest in the Direxion Daily S&P 500 High Beta Bear 3X Shares, identified by the ticker HIBS, surged significantly, increasing by 48.7% to reach 184,100 shares. This marks a substantial rise from the 123,800 shares reported on September 30, 2023. Given the average daily trading volume of 803,100 shares, the current short-interest ratio stands at 0.2 days, indicating a notable level of bearish sentiment among investors.
On the trading front, shares of HIBS experienced a boost, rising by 8.1% to close at $5.96 on a recent Tuesday. The total volume for the day was 1,366,283 shares, which is a substantial increase compared to its average volume of 528,883 shares. Over the past year, HIBS has seen a low of $5.27 and a high of $41.69, highlighting its volatility in the market. The fund’s 50-day moving average is currently at $6.49, while the 200-day moving average stands at $9.75.
Investor Activity in HIBS
Recent activity among institutional investors reflects growing interest in HIBS. For example, Tower Research Capital LLC made a new investment in the fund during the second quarter, valued at $219,000. Meanwhile, Simplex Trading LLC also acquired a new stake in the first quarter, worth $63,000. Additionally, Virtu Financial LLC increased its stake in HIBS by 3.6% during the same period, bringing its total holdings to 30,651 shares, valued at approximately $775,000 after purchasing an extra 1,070 shares.
Overview of HIBS
The Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is an exchange-traded fund that offers investors a 3x daily inverse exposure to the S&P 500 High Beta index, focusing on the 100 highest-beta stocks within the S&P 500. Launched on November 7, 2019, HIBS is managed by Direxion, which is known for its range of leveraged and inverse ETFs.
This latest increase in short interest and the trading activity surrounding HIBS indicate a dynamic environment for investors looking to navigate the complexities of the stock market. As investors assess their strategies, the focus on high-beta stocks remains a critical component of market discussions.
