GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Stock Price Up 1.5% – Time to Buy?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s share price rose 1.5% during mid-day trading on Friday . The stock traded as high as $29.90 and last traded at $29.13. Approximately 410,253 shares were traded during trading, a decline of 56% from the average daily volume of 941,786 shares. The stock had previously closed at $28.69.

GraniteShares 2x Long BABA Daily ETF Price Performance

The stock’s 50-day moving average price is $39.82 and its 200-day moving average price is $43.04.

Hedge Funds Weigh In On GraniteShares 2x Long BABA Daily ETF

Several hedge funds and other institutional investors have recently bought and sold shares of BABX. Genesis Financial Group LLC acquired a new stake in GraniteShares 2x Long BABA Daily ETF during the 4th quarter worth about $1,178,000. Jane Street Group LLC lifted its stake in shares of GraniteShares 2x Long BABA Daily ETF by 4.9% in the 1st quarter. Jane Street Group LLC now owns 18,747 shares of the company’s stock valued at $668,000 after purchasing an additional 876 shares during the period. IMC Chicago LLC bought a new stake in shares of GraniteShares 2x Long BABA Daily ETF during the 3rd quarter valued at about $625,000. Flow Traders U.S. LLC bought a new stake in shares of GraniteShares 2x Long BABA Daily ETF during the 3rd quarter valued at about $222,000. Finally, Scientech Research LLC acquired a new stake in GraniteShares 2x Long BABA Daily ETF during the third quarter worth approximately $213,000.

GraniteShares 2x Long BABA Daily ETF Company Profile

The GraniteShares 1.75x Long BABA Daily ETF (BABX) is an exchange-traded fund that mostly invests in consumer discretionary equity. The fund provides 1.75x leveraged exposure, less fees and expenses, to the daily price movement for shares of Alibaba Group Holding Limited stock. BABX was launched on Dec 13, 2022 and is managed by GraniteShares.