GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Stock Price Down 6.9% – Time to Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price traded down 6.9% on Tuesday . The stock traded as low as $39.12 and last traded at $39.44. 1,708,730 shares traded hands during trading, a decline of 64% from the average session volume of 4,770,615 shares. The stock had previously closed at $42.37.

GraniteShares 2x Long COIN Daily ETF Trading Down 9.1 %

The company has a fifty day moving average price of $46.43 and a two-hundred day moving average price of $38.65.

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

A number of hedge funds have recently made changes to their positions in the business. Simplex Trading LLC grew its position in GraniteShares 2x Long COIN Daily ETF by 362.9% in the fourth quarter. Simplex Trading LLC now owns 41,634 shares of the company’s stock valued at $1,469,000 after acquiring an additional 32,639 shares during the period. Prosperity Wealth Management Inc. bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 4th quarter worth about $1,314,000. SBI Securities Co. Ltd. acquired a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the 4th quarter worth about $2,268,000. Drive Wealth Management LLC bought a new position in GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at about $7,614,000. Finally, Citigroup Inc. acquired a new position in GraniteShares 2x Long COIN Daily ETF in the third quarter valued at about $8,079,000.

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.