GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 10.3% – Should You Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price dropped 10.3% during trading on Tuesday . The stock traded as low as $9.08 and last traded at $9.10. Approximately 14,902,993 shares changed hands during trading, a decline of 12% from the average daily volume of 17,005,139 shares. The stock had previously closed at $10.14.

GraniteShares 2x Long COIN Daily ETF Stock Performance

The firm’s 50 day moving average price is $8.37 and its 200 day moving average price is $14.80.

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

A number of institutional investors have recently bought and sold shares of CONL. UBS Group AG raised its stake in GraniteShares 2x Long COIN Daily ETF by 64.8% in the third quarter. UBS Group AG now owns 1,951,379 shares of the company’s stock worth $72,982,000 after buying an additional 767,632 shares in the last quarter. Citigroup Inc. raised its stake in GraniteShares 2x Long COIN Daily ETF by 11.6% in the third quarter. Citigroup Inc. now owns 3,014,355 shares of the company’s stock worth $112,737,000 after buying an additional 314,355 shares in the last quarter. IMC Chicago LLC bought a new position in GraniteShares 2x Long COIN Daily ETF in the first quarter worth about $814,000. Austin Wealth Management LLC purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF during the fourth quarter valued at approximately $662,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of GraniteShares 2x Long COIN Daily ETF by 91.2% during the fourth quarter. Renaissance Technologies LLC now owns 91,600 shares of the company’s stock valued at $1,342,000 after purchasing an additional 43,700 shares during the last quarter.

GraniteShares 2x Long COIN Daily ETF Company Profile

The GraniteShares 1.5x Long Coinbase Daily ETF (CONL) is an exchange-traded fund that mostly invests in financials equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of Coinbase stock. CONL was launched on Aug 9, 2022 and is managed by GraniteShares.