GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Stock Price Down 6.8% – Should You Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price were down 6.8% during mid-day trading on Thursday . The stock traded as low as $4.96 and last traded at $5.09. 3,885,182 shares traded hands during trading, a decline of 79% from the average daily volume of 18,105,865 shares. The stock had previously closed at $5.46.

GraniteShares 2x Long COIN Daily ETF Price Performance

The company has a 50 day moving average price of $6.19 and a 200 day moving average price of $8.68.

Hedge Funds Weigh In On GraniteShares 2x Long COIN Daily ETF

Hedge funds have recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in GraniteShares 2x Long COIN Daily ETF in the fourth quarter worth about $44,000. Parallel Advisors LLC lifted its position in GraniteShares 2x Long COIN Daily ETF by 353.3% during the 1st quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock valued at $48,000 after purchasing an additional 5,300 shares during the period. Group One Trading LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at about $78,000. NewEdge Advisors LLC boosted its stake in shares of 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 valued at $113,000 after purchasing an additional 5,900 shares during the last quarter. Finally, Flagstar Advisors Inc. bought a new position in shares of GraniteShares 2x Long COIN Daily ETF in the 1st quarter valued at about $189,000.

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.