Stock Traders Purchase Large Volume of Call Options on Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP)

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP) was the target of some unusual options trading on Wednesday. Stock traders bought 2,488 call options on the company. This represents an increase of approximately 187% compared to the average daily volume of 866 call options.

Institutional Investors Weigh In On Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Group One Trading LLC increased its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 38.7% in the third quarter. Group One Trading LLC now owns 6,625 shares of the company’s stock valued at $57,000 after purchasing an additional 1,850 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% in the second quarter. Tower Research Capital LLC TRC now owns 54,505 shares of the company’s stock valued at $533,000 after purchasing an additional 4,826 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 5,977.8% in the third quarter. JPMorgan Chase & Co. now owns 4,923 shares of the company’s stock valued at $42,000 after purchasing an additional 4,842 shares during the last quarter. Finally, Virtu Financial LLC increased its holdings in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 65.7% in the third 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.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares Trading Up 9.5%

NYSEARCA DRIP opened at $4.59 on Thursday. The stock has a 50-day simple moving average of $5.55 and a 200 day simple moving average of $7.59. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares has a 12 month low of $3.77 and a 12 month high of $17.48.

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

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.