GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Trading 4.6% Higher – Should You Buy?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s share price shot up 4.6% during trading on Tuesday . The company traded as high as $38.31 and last traded at $38.45. 11,078,890 shares were traded during trading, a decline of 50% from the average session volume of 22,117,783 shares. The stock had previously closed at $36.75.

GraniteShares 2x Long NVDA Daily ETF Stock Performance

The stock has a 50 day simple moving average of $46.14 and a two-hundred day simple moving average of $61.71.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Oriental Harbor Investment Fund purchased a new stake in shares of GraniteShares 2x Long NVDA Daily ETF in the 3rd quarter valued at approximately $27,892,000. IMC Chicago LLC purchased a new position in GraniteShares 2x Long NVDA Daily ETF in the first quarter worth approximately $17,587,000. JPMorgan Chase & Co. grew its position in GraniteShares 2x Long NVDA Daily ETF by 456.7% in the fourth quarter. JPMorgan Chase & Co. now owns 436,970 shares of the company’s stock worth $29,010,000 after acquiring an additional 358,478 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 1,006.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 128,102 shares of the company’s stock valued at $8,505,000 after purchasing an additional 116,527 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 4th quarter valued at $3,307,000.

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.