GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Trading Down 5.2% – Here’s Why

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s stock price fell 5.2% during trading on Thursday . The company traded as low as $30.97 and last traded at $30.85. 6,488,303 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 22,236,518 shares. The stock had previously closed at $32.55.

GraniteShares 2x Long NVDA Daily ETF Stock Performance

The company’s fifty day moving average price is $44.12 and its two-hundred day moving average price is $60.99.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the third quarter valued at approximately $210,000. Barclays PLC increased its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 50.4% in the 3rd quarter. Barclays PLC now owns 142,652 shares of the company’s stock valued at $8,301,000 after buying an additional 47,800 shares during the period. World Investment Advisors LLC bought a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the third quarter worth $291,000. Oriental Harbor Investment Fund bought a new position in GraniteShares 2x Long NVDA Daily ETF in the third quarter valued at about $27,892,000. Finally, B. Riley Wealth Advisors Inc. bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter worth about $296,000.

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.