GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Gap Up – Here’s Why

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares gapped up before the market opened on Thursday . The stock had previously closed at $4.58, but opened at $4.87. GraniteShares 2x Long COIN Daily ETF shares last traded at $4.7670, with a volume of 8,136,015 shares traded.

GraniteShares 2x Long COIN Daily ETF Price Performance

The company has a 50-day moving average price of $5.09 and a 200-day moving average price of $6.55.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC raised its stake in GraniteShares 2x Long COIN Daily ETF by 353.3% during the 1st quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock worth $48,000 after buying an additional 5,300 shares during the period. NewEdge Advisors LLC grew its stake in GraniteShares 2x Long COIN Daily ETF by 58.0% in the first quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock valued at $113,000 after acquiring an additional 5,900 shares during the period. Crescent Grove Advisors LLC acquired a new position in GraniteShares 2x Long COIN Daily ETF in the fourth quarter valued at about $238,000. Group One Trading LLC increased its holdings in shares of GraniteShares 2x Long COIN Daily ETF by 431.4% in the first quarter. Group One Trading LLC now owns 28,288 shares of the company’s stock worth $198,000 after acquiring an additional 22,965 shares in the last quarter. Finally, Flagstar Advisors Inc. bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the first quarter worth about $189,000.

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.