GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 6.8% – What’s Next?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s share price fell 6.8% on Thursday . The company traded as low as $4.96 and last traded at $5.09. 3,885,182 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 18,105,865 shares. The stock had previously closed at $5.46.

GraniteShares 2x Long COIN Daily ETF Trading Down 4.2%

The firm’s 50-day moving average price is $6.05 and its 200-day moving average price is $8.58.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IMC Chicago LLC purchased a new stake in GraniteShares 2x Long COIN Daily ETF during the 1st quarter valued at $814,000. Flagstar Advisors Inc. purchased a new position in GraniteShares 2x Long COIN Daily ETF during the first quarter worth $189,000. Crescent Grove Advisors LLC purchased a new position in GraniteShares 2x Long COIN Daily ETF during the fourth quarter worth $238,000. Austin Wealth Management LLC bought a new position in GraniteShares 2x Long COIN Daily ETF during the fourth quarter valued at $662,000. Finally, NewEdge Advisors LLC increased its position in 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 acquiring an additional 5,900 shares during the last quarter.

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.