GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 7.6% – Should You Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price fell 7.6% on Wednesday . The stock traded as low as $4.79 and last traded at $4.86. Approximately 5,682,480 shares changed hands during trading, a decline of 69% from the average session volume of 18,212,670 shares. The stock had previously closed at $5.26.

GraniteShares 2x Long COIN Daily ETF Price Performance

The company’s 50 day simple moving average is $6.43 and its two-hundred day simple moving average is $9.02.

Institutional Trading of GraniteShares 2x Long COIN Daily ETF

Institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC increased its position in 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 worth $113,000 after purchasing an additional 5,900 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of 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 buying an additional 5,300 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at about $44,000. 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. Finally, Simplex Trading LLC increased its holdings in GraniteShares 2x Long COIN Daily ETF by 1,390.9% in the fourth quarter. Simplex Trading LLC now owns 19,427 shares of the company’s stock worth $285,000 after buying an additional 18,124 shares during the last quarter.

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.