GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 10.7% – Should You Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s share price dropped 10.7% during trading on Thursday . The company traded as low as $8.34 and last traded at $8.46. Approximately 14,089,463 shares traded hands during mid-day trading, a decline of 14% from the average daily volume of 16,468,268 shares. The stock had previously closed at $9.47.

GraniteShares 2x Long COIN Daily ETF Price Performance

The company has a 50-day simple moving average of $8.02 and a two-hundred day simple moving average of $17.49.

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

A number of large investors have recently added to or reduced their stakes in CONL. Summit Securities Group LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the fourth quarter worth about $44,000. Group One Trading LLC bought a new position in GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at approximately $78,000. NewEdge Advisors LLC purchased a new stake in GraniteShares 2x Long COIN Daily ETF in the 4th quarter worth approximately $149,000. Crescent Grove Advisors LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 4th quarter worth approximately $238,000. Finally, Simplex Trading LLC increased its stake in shares of GraniteShares 2x Long COIN Daily ETF by 1,390.9% during the fourth quarter. Simplex Trading LLC now owns 19,427 shares of the company’s stock valued at $285,000 after buying an additional 18,124 shares during the period.

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.