GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 7.6% – What’s Next?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price traded down 7.6% on Tuesday . The stock traded as low as $14.51 and last traded at $15.0610. 3,806,175 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 6,597,397 shares. The stock had previously closed at $16.30.

GraniteShares 2x Long COIN Daily ETF Trading Down 11.0%

The stock’s 50-day moving average price is $19.09 and its 200-day moving average price is $32.53.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Peapack Gladstone Financial Corp purchased a new stake in GraniteShares 2x Long COIN Daily ETF in the 2nd quarter valued at $293,000. Scientech Research LLC purchased a new position in GraniteShares 2x Long COIN Daily ETF during the 3rd quarter worth $388,000. Sloy Dahl & Holst LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth $426,000. Flow Traders U.S. LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the second quarter valued at about $604,000. Finally, Stevens Capital Management LP bought a new position in shares of GraniteShares 2x Long COIN Daily ETF during the third quarter valued at about $905,000.

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.