GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Down 7% – What’s Next?

Shares of GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) dropped 7% during trading on Tuesday . The company traded as low as $81.00 and last traded at $81.11. Approximately 6,179,783 shares traded hands during trading, a decline of 33% from the average daily volume of 9,234,920 shares. The stock had previously closed at $87.26.

GraniteShares 2x Long NVDA Daily ETF Trading Down 9.0%

The firm’s fifty day moving average is $86.50 and its 200 day moving average is $87.45.

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

Several hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC lifted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 119.5% during the 1st quarter. NewEdge Advisors LLC now owns 29,264 shares of the company’s stock worth $1,094,000 after acquiring an additional 15,931 shares during the last quarter. SeaCrest Wealth Management LLC bought a new position in GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter valued at $294,000. Flagstar Advisors Inc. purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the second quarter worth $232,000. Hoey Investments Inc. lifted its position in shares of GraniteShares 2x Long NVDA Daily ETF by 2.5% during the second quarter. Hoey Investments Inc. now owns 36,656 shares of the company’s stock worth $2,581,000 after purchasing an additional 905 shares during the last quarter. Finally, Magnus Financial Group LLC bought a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $366,000.

GraniteShares 2x Long NVDA Daily ETF Company Profile

The GraniteShares 1.5x Long NVDA Daily ETF (NVDL) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVDL was launched on Dec 13, 2022 and is managed by GraniteShares.