GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 7.9% – Time to Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) traded down 7.9% during mid-day trading on Wednesday . The company traded as low as $5.49 and last traded at $5.49. 5,892,791 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 18,183,727 shares. The stock had previously closed at $5.96.

GraniteShares 2x Long COIN Daily ETF Trading Down 6.0%

The stock’s fifty day simple moving average is $5.88 and its two-hundred day simple moving average is $8.39.

Institutional Trading of GraniteShares 2x Long COIN Daily ETF

Several institutional investors have recently modified their holdings of the business. UBS Group AG increased its holdings in GraniteShares 2x Long COIN Daily ETF by 64.8% in the third quarter. UBS Group AG now owns 1,951,379 shares of the company’s stock valued at $72,982,000 after purchasing an additional 767,632 shares during the period. Optiver Holding B.V. grew its position in shares of GraniteShares 2x Long COIN Daily ETF by 232.2% in the 1st quarter. Optiver Holding B.V. now owns 129,394 shares of the company’s stock valued at $906,000 after buying an additional 90,448 shares during the last quarter. IMC Chicago LLC acquired a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the first quarter valued at about $814,000. Renaissance Technologies LLC increased its stake in shares of GraniteShares 2x Long COIN Daily ETF by 91.2% in the fourth quarter. Renaissance Technologies LLC now owns 91,600 shares of the company’s stock valued at $1,342,000 after buying an additional 43,700 shares during the period. Finally, Austin Wealth Management LLC bought a new position in shares of GraniteShares 2x Long COIN Daily ETF during the fourth quarter worth about $662,000.

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.