GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Up 7.2% – Still a Buy?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s share price shot up 7.2% during mid-day trading on Friday . The company traded as high as $101.39 and last traded at $101.08. 4,163,724 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 9,463,024 shares. The stock had previously closed at $94.25.

GraniteShares 2x Long NVDA Daily ETF Price Performance

The stock has a 50-day simple moving average of $82.04 and a 200-day simple moving average of $86.54.

Institutional Trading of GraniteShares 2x Long NVDA Daily ETF

Hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC boosted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 104.3% during the fourth quarter. Parallel Advisors LLC now owns 613 shares of the company’s stock valued at $54,000 after purchasing an additional 313 shares in the last quarter. Chung Wu Investment Group LLC lifted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 350.0% in the third quarter. Chung Wu Investment Group LLC now owns 900 shares of the company’s stock worth $84,000 after acquiring an additional 700 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the third quarter worth approximately $88,000. CWM LLC acquired a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the third quarter worth approximately $94,000. Finally, Spire Wealth Management lifted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 3,483.3% in the third quarter. Spire Wealth Management now owns 1,075 shares of the company’s stock worth $101,000 after acquiring an additional 1,045 shares during the period.

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.