GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Trading Down 7.5% – Here’s What Happened

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s stock price dropped 7.5% during mid-day trading on Friday . The stock traded as low as $75.42 and last traded at $75.97. Approximately 9,752,252 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 17,811,385 shares. The stock had previously closed at $82.11.

GraniteShares 2x Long NVDA Daily ETF Stock Performance

The business’s 50 day simple moving average is $67.32 and its 200 day simple moving average is $62.18.

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

Hedge funds and other institutional investors have recently modified their holdings of the stock. Private Ocean LLC bought a new stake in GraniteShares 2x Long NVDA Daily ETF in the second quarter valued at $35,000. National Bank of Canada FI acquired a new stake in shares of GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter valued at $42,000. Hollencrest Capital Management grew its holdings in shares of GraniteShares 2x Long NVDA Daily ETF by 5,677.8% in the 2nd quarter. Hollencrest Capital Management now owns 1,040 shares of the company’s stock worth $72,000 after purchasing an additional 1,022 shares during the last quarter. Gilliland Jeter Wealth Management LLC acquired a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the 2nd quarter worth about $72,000. Finally, Centaurus Financial Inc. bought a new position in GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter valued at about $134,000.

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.