GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Shares Down 3.7% – What’s Next?

Shares of GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) traded down 3.7% during mid-day trading on Friday. The company traded as low as $16.39 and last traded at $16.53. Approximately 545,517 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 851,122 shares. The stock had previously closed at $17.17.

GraniteShares 2x Long BABA Daily ETF Stock Performance

The company has a 50-day moving average of $18.65 and a 200 day moving average of $21.23.

Institutional Investors Weigh In On GraniteShares 2x Long BABA Daily ETF

Several hedge funds have recently bought and sold shares of the stock. Optiver Holding B.V. increased its holdings in shares of GraniteShares 2x Long BABA Daily ETF by 189.0% in the 1st quarter. Optiver Holding B.V. now owns 61,099 shares of the company’s stock worth $1,508,000 after buying an additional 39,958 shares during the last quarter. Retirement Planning Co of New England Inc. bought a new stake in shares of GraniteShares 2x Long BABA Daily ETF during the 3rd quarter worth $244,000. Finally, DGS Capital Management LLC purchased a new position in GraniteShares 2x Long BABA Daily ETF in the first quarter worth $216,000.

About GraniteShares 2x Long BABA Daily ETF

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.