GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Stock Break Below 50-Day Moving Average – Here’s Why

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s share price passed below its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $16.37 and traded as low as $15.14. GraniteShares 2x Long BABA Daily ETF shares last traded at $15.22, with a volume of 891,114 shares.

GraniteShares 2x Long BABA Daily ETF Stock Performance

The firm has a 50 day simple moving average of $16.37 and a 200-day simple moving average of $24.14.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in GraniteShares 2x Long BABA Daily ETF stock. Optiver Holding B.V. lifted its position in shares of GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) by 189.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,099 shares of the company’s stock after purchasing an additional 39,958 shares during the period. Optiver Holding B.V. owned about 1.38% of GraniteShares 2x Long BABA Daily ETF worth $1,508,000 at the end of the most recent reporting period.

About GraniteShares 2x Long BABA Daily ETF

The GraniteShares 1.75x Long BABA Daily ETF (BABX) is an exchange-traded fund that mostly invests in consumer discretionary equity. The fund provides 1.75x leveraged exposure, less fees and expenses, to the daily price movement for shares of Alibaba Group Holding Limited stock. BABX was launched on Dec 13, 2022 and is managed by GraniteShares.