GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 6.8% – Time to Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares dropped 6.8% on Tuesday . The company traded as low as $8.34 and last traded at $8.41. Approximately 22,663,290 shares traded hands during mid-day trading, an increase of 36% from the average daily volume of 16,661,354 shares. The stock had previously closed at $9.02.

GraniteShares 2x Long COIN Daily ETF Stock Down 5.2%

The company has a 50 day moving average of $8.22 and a 200 day moving average of $15.77.

Institutional Investors Weigh In On GraniteShares 2x Long COIN Daily ETF

Several large investors have recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 4th quarter valued at approximately $44,000. SBI Securities Co. Ltd. grew its stake in shares of GraniteShares 2x Long COIN Daily ETF by 12.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 41,273 shares of the company’s stock valued at $1,544,000 after buying an additional 4,526 shares in the last quarter. Group One Trading LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 4th quarter valued at approximately $78,000. Peapack Gladstone Financial Corp bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 2nd quarter valued at approximately $293,000. Finally, NewEdge Advisors LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 4th quarter valued at approximately $149,000.

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.