GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Down 4.9% – Time to Sell?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s stock price dropped 4.9% during mid-day trading on Thursday . The company traded as low as $29.43 and last traded at $29.47. Approximately 7,309,700 shares changed hands during trading, a decline of 73% from the average session volume of 26,599,324 shares. The stock had previously closed at $30.99.

GraniteShares 2x Long NVDA Daily ETF Trading Down 2.1%

The stock’s 50-day simple moving average is $33.60 and its two-hundred day simple moving average is $30.13.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of GraniteShares 2x Long NVDA Daily ETF by 412.7% in the third quarter. JPMorgan Chase & Co. now owns 22,410 shares of the company’s stock valued at $2,098,000 after purchasing an additional 18,039 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its stake in GraniteShares 2x Long NVDA Daily ETF by 105.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 41,152 shares of the company’s stock worth $3,622,000 after buying an additional 21,073 shares during the last quarter. Lauer Wealth LLC grew its holdings in GraniteShares 2x Long NVDA Daily ETF by 24.7% in the 4th quarter. Lauer Wealth LLC now owns 5,005 shares of the company’s stock valued at $433,000 after buying an additional 990 shares in the last quarter. Cherry Tree Wealth Management LLC grew its holdings in GraniteShares 2x Long NVDA Daily ETF by 322.7% in the 3rd quarter. Cherry Tree Wealth Management LLC now owns 4,426 shares of the company’s stock valued at $414,000 after buying an additional 3,379 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 11.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 19,012 shares of the company’s stock worth $1,673,000 after acquiring an additional 1,910 shares during the last quarter.

About GraniteShares 2x Long NVDA Daily ETF

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.