GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Shares Down 3.7% – What’s Next?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s share price dropped 3.7% during mid-day trading on Friday. The company traded as low as $16.39 and last traded at $16.53. 545,517 shares traded hands during trading, a decline of 36% from the average session volume of 851,122 shares. The stock had previously closed at $17.17.

GraniteShares 2x Long BABA Daily ETF Stock Down 3.7%

The company has a 50-day simple moving average of $18.65 and a 200 day simple moving average of $21.23.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BABX. Optiver Holding B.V. boosted its stake in shares of GraniteShares 2x Long BABA Daily ETF by 189.0% in the 1st quarter. Optiver Holding B.V. now owns 61,099 shares of the company’s stock valued at $1,508,000 after purchasing an additional 39,958 shares in the last quarter. Retirement Planning Co of New England Inc. acquired a new position in shares of GraniteShares 2x Long BABA Daily ETF in the 3rd quarter valued at $244,000. Finally, DGS Capital Management LLC acquired a new stake in GraniteShares 2x Long BABA Daily ETF during the 1st quarter worth approximately $216,000.

GraniteShares 2x Long BABA Daily ETF Company Profile

The GraniteShares 1.75x Long BABA Daily ETF (BABX) is an exchange-traded fund that mostly invests in consumer discretionary equity. The fund provides 1.75x leveraged exposure, less fees and expenses, to the daily price movement for shares of Alibaba Group Holding Limited stock. BABX was launched on Dec 13, 2022 and is managed by GraniteShares.