GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Stock Price Up 3.9% – Should You Buy?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s stock price shot up 3.9% on Thursday . The stock traded as high as $18.65 and last traded at $18.30. 1,457,840 shares changed hands during mid-day trading, an increase of 64% from the average daily volume of 889,178 shares. The stock had previously closed at $17.62.

GraniteShares 2x Long BABA Daily ETF Stock Performance

The stock’s 50-day moving average is $21.66 and its 200-day moving average is $30.18.

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

Several institutional investors have recently made changes to their positions in BABX. IFP Advisors Inc bought a new position in shares of GraniteShares 2x Long BABA Daily ETF during the 3rd quarter worth about $114,000. Simplex Trading LLC acquired a new position in GraniteShares 2x Long BABA Daily ETF during the 4th quarter worth approximately $87,000. Tower Research Capital LLC TRC bought a new position in GraniteShares 2x Long BABA Daily ETF in the second quarter worth approximately $69,000. Scientech Research LLC bought a new position in GraniteShares 2x Long BABA Daily ETF in the third quarter worth approximately $213,000. Finally, Flow Traders U.S. LLC acquired a new stake in GraniteShares 2x Long BABA Daily ETF in the third quarter valued at approximately $222,000.

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.