Short Interest in Direxion Daily NVDA Bear 1X Shares (NASDAQ:NVDD) Drops By 34.4%

Direxion Daily NVDA Bear 1X Shares (NASDAQ:NVDD) was the target of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 314,100 shares, a drop of 34.4% from the February 13th total of 478,600 shares. Based on an average daily trading volume, of 10,833,700 shares, the days-to-cover ratio is presently 0.0 days. Currently, 8.6% of the shares of the stock are short sold.

Direxion Daily NVDA Bear 1X Shares Stock Up 1.8 %

Shares of NVDD traded up $0.12 during mid-day trading on Monday, hitting $6.70. The company’s stock had a trading volume of 14,975,039 shares, compared to its average volume of 12,454,828. The firm has a 50-day simple moving average of $6.47 and a 200 day simple moving average of $6.66. Direxion Daily NVDA Bear 1X Shares has a 1-year low of $5.65 and a 1-year high of $13.50.

Direxion Daily NVDA Bear 1X Shares Dividend Announcement

The company also recently disclosed a dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.0793 dividend. The ex-dividend date was Monday, December 23rd.

Hedge Funds Weigh In On Direxion Daily NVDA Bear 1X Shares

Several hedge funds have recently bought and sold shares of NVDD. Flow Traders U.S. LLC purchased a new position in Direxion Daily NVDA Bear 1X Shares in the 3rd quarter valued at approximately $144,000. IMC Chicago LLC purchased a new position in Direxion Daily NVDA Bear 1X Shares in the 4th quarter valued at approximately $643,000. PayPay Securities Corp purchased a new position in Direxion Daily NVDA Bear 1X Shares in the 4th quarter valued at approximately $65,000. Virtu Financial LLC purchased a new position in Direxion Daily NVDA Bear 1X Shares during the fourth quarter worth $852,000. Finally, Renaissance Technologies LLC purchased a new position in Direxion Daily NVDA Bear 1X Shares during the fourth quarter worth $71,000.

About Direxion Daily NVDA Bear 1X Shares

The Direxion Daily NVDA Bear 1X Shares (NVDD) is an exchange-traded fund that mostly invests in information technology equity. The fund provides inverse (-1x) exposure, less fees and expenses, to the daily price movement for shares of NVIDIA stock. NVDD was launched on Sep 13, 2023 and is issued by Direxion.