GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Stock Price Down 4.1% – Time to Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares dropped 4.1% during trading on Friday . The stock traded as low as $40.61 and last traded at $41.58. Approximately 1,470,433 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 4,380,556 shares. The stock had previously closed at $43.36.

GraniteShares 2x Long COIN Daily ETF Price Performance

The firm has a 50-day moving average price of $48.83 and a 200-day moving average price of $40.64.

Hedge Funds Weigh In On GraniteShares 2x Long COIN Daily ETF

Institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth about $8,079,000. SG Americas Securities LLC bought a new stake in GraniteShares 2x Long COIN Daily ETF during the third quarter worth about $122,000. Finally, IMC Chicago LLC purchased a new stake in GraniteShares 2x Long COIN Daily ETF in the third quarter worth about $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.