GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Gap Down – Here’s Why

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $6.29, but opened at $5.80. GraniteShares 2x Long COIN Daily ETF shares last traded at $5.4450, with a volume of 8,752,618 shares trading hands.

GraniteShares 2x Long COIN Daily ETF Price Performance

The stock has a 50-day moving average price of $5.09 and a 200-day moving average price of $6.55.

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

Several institutional investors and hedge funds have recently modified their holdings of the stock. Optiver Holding B.V. lifted its stake in shares of GraniteShares 2x Long COIN Daily ETF by 232.2% during the 1st quarter. Optiver Holding B.V. now owns 129,394 shares of the company’s stock worth $906,000 after buying an additional 90,448 shares during the last quarter. IMC Chicago LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF in the 1st quarter valued at about $814,000. Crescent Grove Advisors LLC bought a new position in GraniteShares 2x Long COIN Daily ETF in the 4th quarter valued at about $238,000. Group One Trading LLC raised its holdings in GraniteShares 2x Long COIN Daily ETF by 431.4% in the 1st quarter. Group One Trading LLC now owns 28,288 shares of the company’s stock valued at $198,000 after acquiring an additional 22,965 shares during the period. Finally, Flagstar Advisors Inc. acquired a new stake in GraniteShares 2x Long COIN Daily ETF during the first quarter worth approximately $189,000.

About GraniteShares 2x Long COIN Daily ETF

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.