GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Gap Up – Still a Buy?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s share price gapped up before the market opened on Monday . The stock had previously closed at $15.98, but opened at $17.44. GraniteShares 2x Long COIN Daily ETF shares last traded at $18.2540, with a volume of 3,999,743 shares trading hands.

GraniteShares 2x Long COIN Daily ETF Trading Down 3.6%

The company’s fifty day moving average is $21.86 and its 200-day moving average is $34.35.

Institutional Trading of GraniteShares 2x Long COIN Daily ETF

A number of hedge funds have recently added to or reduced their stakes in CONL. Citigroup Inc. grew its position in shares of GraniteShares 2x Long COIN Daily ETF by 285.7% during the 2nd quarter. Citigroup Inc. now owns 2,700,000 shares of the company’s stock valued at $124,551,000 after acquiring an additional 2,000,000 shares during the period. UBS Group AG lifted its stake in GraniteShares 2x Long COIN Daily ETF by 64.8% in the 3rd quarter. UBS Group AG now owns 1,951,379 shares of the company’s stock worth $72,982,000 after purchasing an additional 767,632 shares in the last quarter. Jump Financial LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF during the second quarter worth $1,248,000. Stevens Capital Management LP purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the third quarter valued at about $905,000. Finally, Flow Traders U.S. LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 2nd quarter valued at approximately $604,000.

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.