Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) Stock Price Down 4.7% – Time to Sell?

Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) shares dropped 4.7% during mid-day trading on Monday . The company traded as low as $43.63 and last traded at $44.87. 923,010 shares traded hands during mid-day trading, an increase of 44% from the average session volume of 642,557 shares. The stock had previously closed at $47.06.

Valkyrie Bitcoin Miners ETF Trading Up 4.3%

The stock’s fifty day simple moving average is $48.89 and its 200 day simple moving average is $51.02.

Hedge Funds Weigh In On Valkyrie Bitcoin Miners ETF

Several institutional investors and hedge funds have recently bought and sold shares of WGMI. Gainline Financial Partners LLC purchased a new stake in Valkyrie Bitcoin Miners ETF in the second quarter worth about $260,000. Nwam LLC bought a new position in shares of Valkyrie Bitcoin Miners ETF during the 2nd quarter valued at approximately $287,000. Centaurus Financial Inc. increased its holdings in Valkyrie Bitcoin Miners ETF by 1.5% in the 1st quarter. Centaurus Financial Inc. now owns 13,297 shares of the company’s stock worth $463,000 after acquiring an additional 200 shares in the last quarter. Objective Capital Management LLC purchased a new stake in Valkyrie Bitcoin Miners ETF in the 1st quarter worth approximately $317,000. Finally, Arlington Capital Management Inc. bought a new stake in Valkyrie Bitcoin Miners ETF during the 1st quarter worth approximately $2,491,000. 24.15% of the stock is currently owned by hedge funds and other institutional investors.

About Valkyrie Bitcoin Miners ETF

The Valkyrie Bitcoin Miners ETF (WGMI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund provides active exposure to companies that derive at least 50% of their revenue from bitcoin mining operations and/or services related to bitcoin mining. WGMI was launched on Feb 7, 2022 and is managed by Valkyrie.