GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 7.9% – Time to Sell?

Shares of GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) were down 7.9% on Wednesday . The company traded as low as $5.49 and last traded at $5.49. Approximately 5,892,791 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 18,183,727 shares. The stock had previously closed at $5.96.

GraniteShares 2x Long COIN Daily ETF Trading Down 6.0%

The business has a fifty day moving average price of $5.88 and a 200 day moving average price of $8.39.

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

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Summit Securities Group LLC acquired a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at $44,000. Parallel Advisors LLC increased its holdings in GraniteShares 2x Long COIN Daily ETF by 353.3% in the 1st quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock worth $48,000 after purchasing an additional 5,300 shares in the last quarter. Group One Trading LLC bought a new position in GraniteShares 2x Long COIN Daily ETF in the fourth quarter valued at about $78,000. NewEdge Advisors LLC boosted its stake in shares of GraniteShares 2x Long COIN Daily ETF by 58.0% during the first quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock valued at $113,000 after purchasing an additional 5,900 shares in the last quarter. Finally, Peapack Gladstone Financial Corp acquired a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the second quarter valued at about $293,000.

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.