GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Down 8.5% – Here’s Why

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) shares were down 8.5% during mid-day trading on Tuesday. The company traded as low as $19.57 and last traded at $19.8110. Approximately 18,507,369 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 20,928,199 shares. The stock had previously closed at $21.64.

GraniteShares 2x Long NVDA Daily ETF Trading Down 13.6%

The company has a 50-day moving average of $33.78 and a 200 day moving average of $31.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NVDL. IFP Advisors Inc acquired a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter worth about $26,000. Integrated Wealth Concepts LLC acquired a new position in GraniteShares 2x Long NVDA Daily ETF in the second quarter valued at about $43,000. CoreCap Advisors LLC boosted its position in GraniteShares 2x Long NVDA Daily ETF by 200.0% in the second quarter. CoreCap Advisors LLC now owns 3,462 shares of the company’s stock valued at $103,000 after buying an additional 2,308 shares in the last quarter. Vilga Financial Planning LLC bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the third quarter worth about $220,000. Finally, Turner Financial Group Inc. bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the second quarter worth about $303,000.

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.