GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Trading Up 7.7% – Still a Buy?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s stock price were up 7.7% on Tuesday . The stock traded as high as $33.09 and last traded at $33.07. 10,721,175 shares were traded during trading, a decline of 59% from the average daily volume of 26,377,971 shares. The stock had previously closed at $30.70.

GraniteShares 2x Long NVDA Daily ETF Stock Performance

The stock’s fifty day simple moving average is $33.53 and its 200-day simple moving average is $30.23.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVDL. NewEdge Advisors LLC grew its position in GraniteShares 2x Long NVDA Daily ETF by 119.5% in the 1st quarter. NewEdge Advisors LLC now owns 29,264 shares of the company’s stock worth $1,094,000 after purchasing an additional 15,931 shares in the last quarter. Diversify Advisory Services LLC purchased a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter worth approximately $183,000. Josh Arnold Investment Consultant LLC purchased a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter worth approximately $481,000. EP Wealth Advisors LLC purchased a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter worth approximately $409,000. Finally, Snowden Capital Advisors LLC bought a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the second quarter valued at approximately $272,000.

GraniteShares 2x Long NVDA Daily ETF Company Profile

The GraniteShares 1.5x Long NVDA Daily ETF (NVDL) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVDL was launched on Dec 13, 2022 and is managed by GraniteShares.