GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 5.8% – What’s Next?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price were down 5.8% during mid-day trading on Friday . The stock traded as low as $7.48 and last traded at $7.50. Approximately 6,828,533 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 17,497,375 shares. The stock had previously closed at $7.96.

GraniteShares 2x Long COIN Daily ETF Price Performance

The company’s 50-day moving average is $8.21 and its 200-day moving average is $13.15.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Summit Securities Group LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF in the fourth quarter worth about $44,000. SBI Securities Co. Ltd. raised its position in GraniteShares 2x Long COIN Daily ETF by 12.3% in the third quarter. SBI Securities Co. Ltd. now owns 41,273 shares of the company’s stock worth $1,544,000 after purchasing an additional 4,526 shares in the last quarter. Parallel Advisors LLC raised its position in GraniteShares 2x Long COIN Daily ETF by 353.3% in the first quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock worth $48,000 after purchasing an additional 5,300 shares in the last quarter. Group One Trading LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF in the fourth quarter worth about $78,000. Finally, NewEdge Advisors LLC raised its position in GraniteShares 2x Long COIN Daily ETF by 58.0% in the first quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock worth $113,000 after purchasing an additional 5,900 shares in 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.