GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 7.6% – Here’s What Happened

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price traded down 7.6% during mid-day trading on Tuesday . The company traded as low as $14.51 and last traded at $15.0610. 3,806,175 shares were traded during mid-day trading, a decline of 42% from the average session volume of 6,597,397 shares. The stock had previously closed at $16.30.

GraniteShares 2x Long COIN Daily ETF Stock Down 11.0%

The company has a 50 day moving average price of $19.09 and a 200-day moving average price of $32.53.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CONL. Citigroup Inc. boosted its stake in shares of GraniteShares 2x Long COIN Daily ETF by 285.7% during the second quarter. Citigroup Inc. now owns 2,700,000 shares of the company’s stock valued at $124,551,000 after purchasing an additional 2,000,000 shares in the last quarter. UBS Group AG raised its stake in shares of GraniteShares 2x Long COIN Daily ETF by 64.8% during the third quarter. UBS Group AG now owns 1,951,379 shares of the company’s stock valued at $72,982,000 after acquiring an additional 767,632 shares during the last quarter. Jump Financial LLC acquired a new position in shares of GraniteShares 2x Long COIN Daily ETF during the second quarter worth $1,248,000. Scientech Research LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the third quarter worth $388,000. Finally, Peapack Gladstone Financial Corp bought a new position in GraniteShares 2x Long COIN Daily ETF during the 2nd quarter worth $293,000.

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.