GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Shares Down 1.7% – What’s Next?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) shares were down 1.7% during mid-day trading on Monday . The stock traded as low as $21.40 and last traded at $21.53. Approximately 568,983 shares traded hands during trading, a decline of 34% from the average daily volume of 863,029 shares. The stock had previously closed at $21.91.

GraniteShares 2x Long BABA Daily ETF Stock Performance

The firm has a 50 day moving average price of $26.13 and a 200-day moving average price of $33.97.

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

Several hedge funds have recently added to or reduced their stakes in the stock. Optiver Holding B.V. lifted its stake in GraniteShares 2x Long BABA Daily ETF by 189.0% in the first quarter. Optiver Holding B.V. now owns 61,099 shares of the company’s stock valued at $1,508,000 after buying an additional 39,958 shares during the period. DGS Capital Management LLC acquired a new position in GraniteShares 2x Long BABA Daily ETF in the first quarter valued at about $216,000. Simplex Trading LLC acquired a new position in GraniteShares 2x Long BABA Daily ETF in the fourth quarter valued at about $87,000. Genesis Financial Group LLC acquired a new position in GraniteShares 2x Long BABA Daily ETF in the fourth quarter valued at about $1,178,000. Finally, IFP Advisors Inc acquired a new position in GraniteShares 2x Long BABA Daily ETF in the third quarter valued at about $114,000.

GraniteShares 2x Long BABA Daily ETF Company Profile

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.