GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Stock Falls 9% – Here’s Why

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price dropped 9% during trading on Wednesday. The company traded as low as $4.91 and last traded at $4.8970. 7,030,958 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 19,367,553 shares. The stock had previously closed at $5.38.

GraniteShares 2x Long COIN Daily ETF Trading Down 10.9%

The stock has a fifty day moving average of $5.43 and a 200 day moving average of $6.10.

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

A number of institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC lifted its holdings 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 during the last quarter. NewEdge Advisors LLC grew its position in shares of GraniteShares 2x Long COIN Daily ETF by 58.0% in the first quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock valued at $113,000 after purchasing an additional 5,900 shares during the last quarter. Avior Wealth Management LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the third quarter valued at approximately $69,000. Group One Trading LLC lifted its stake in shares of GraniteShares 2x Long COIN Daily ETF by 431.4% in the first quarter. Group One Trading LLC now owns 28,288 shares of the company’s stock valued at $198,000 after buying an additional 22,965 shares during the period. Finally, Flagstar Advisors Inc. acquired a new stake in GraniteShares 2x Long COIN Daily ETF during the first quarter valued at approximately $189,000.

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.