GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Stock Jumps 8.5% – Still a Buy?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares shot up 8.5% during mid-day trading on Monday. The stock traded as high as $5.95 and last traded at $5.9880. Approximately 5,985,047 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 19,458,465 shares. The stock had previously closed at $5.52.

GraniteShares 2x Long COIN Daily ETF Price Performance

The business has a 50 day simple moving average of $5.35 and a 200 day simple moving average of $6.23.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its position in GraniteShares 2x Long COIN Daily ETF by 353.3% in the 1st quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock valued at $48,000 after acquiring an additional 5,300 shares in the last quarter. NewEdge Advisors LLC raised its position in GraniteShares 2x Long COIN Daily ETF by 58.0% in the 1st quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock worth $113,000 after purchasing an additional 5,900 shares during the last quarter. Optiver Holding B.V. raised its position in GraniteShares 2x Long COIN Daily ETF by 232.2% in the 1st quarter. Optiver Holding B.V. now owns 129,394 shares of the company’s stock worth $906,000 after purchasing an additional 90,448 shares during the last quarter. Group One Trading LLC raised its position in GraniteShares 2x Long COIN Daily ETF by 431.4% in the 1st quarter. Group One Trading LLC now owns 28,288 shares of the company’s stock worth $198,000 after purchasing an additional 22,965 shares during the last quarter. Finally, IMC Chicago LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF during the 1st quarter worth $814,000.

GraniteShares 2x Long COIN Daily ETF Company Profile

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.