GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 6.9% – What’s Next?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) dropped 6.9% during mid-day trading on Tuesday . The company traded as low as $39.12 and last traded at $39.44. Approximately 1,708,730 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 4,770,615 shares. The stock had previously closed at $42.37.

GraniteShares 2x Long COIN Daily ETF Stock Performance

The company’s 50 day moving average price is $46.43 and its 200 day moving average price is $38.65.

Institutional Trading of GraniteShares 2x Long COIN Daily ETF

A number of institutional investors and hedge funds have recently modified their holdings of CONL. SG Americas Securities LLC bought a new position in GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth $122,000. Prosperity Wealth Management Inc. bought a new position in shares of GraniteShares 2x Long COIN Daily ETF in the fourth quarter worth about $1,314,000. Simplex Trading LLC lifted its position in shares of GraniteShares 2x Long COIN Daily ETF by 362.9% during the 4th quarter. Simplex Trading LLC now owns 41,634 shares of the company’s stock worth $1,469,000 after purchasing an additional 32,639 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at approximately $2,268,000. Finally, IMC Chicago LLC bought a new stake in GraniteShares 2x Long COIN Daily ETF during the 3rd quarter valued at approximately $2,412,000.

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.