GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Sees Large Volume Increase – Still a Buy?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares saw an uptick in trading volume on Monday . 2,088,618 shares changed hands during trading, a decline of 48% from the previous session’s volume of 4,038,122 shares.The stock last traded at $55.94 and had previously closed at $57.34.

GraniteShares 2x Long COIN Daily ETF Stock Performance

The company has a 50 day simple moving average of $35.58 and a two-hundred day simple moving average of $39.93.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. acquired a new stake in GraniteShares 2x Long COIN Daily ETF during the third quarter valued at $8,079,000. IMC Chicago LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth about $2,412,000. Finally, SG Americas Securities LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the 3rd quarter worth about $122,000.

GraniteShares 2x Long COIN Daily ETF Company Profile

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.