GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Gap Down – Should You Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price gapped down before the market opened on Thursday. The stock had previously closed at $5.02, but opened at $4.64. GraniteShares 2x Long COIN Daily ETF shares last traded at $4.7270, with a volume of 4,279,561 shares.

GraniteShares 2x Long COIN Daily ETF Stock Down 5.7%

The stock’s 50-day moving average price is $5.53 and its 200 day moving average price is $6.00.

Institutional Investors Weigh In On GraniteShares 2x Long COIN Daily ETF

Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC grew its stake in GraniteShares 2x Long COIN Daily ETF by 353.3% in the 1st quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock valued at $48,000 after buying an additional 5,300 shares during the last quarter. NewEdge Advisors LLC raised 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 purchasing an additional 5,900 shares in the last quarter. Avior Wealth Management LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the 3rd quarter worth approximately $69,000. Group One Trading LLC increased its stake in shares of GraniteShares 2x Long COIN Daily ETF by 431.4% in the 1st quarter. Group One Trading LLC now owns 28,288 shares of the company’s stock valued at $198,000 after purchasing an additional 22,965 shares during the last quarter. Finally, Flagstar Advisors Inc. acquired a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 1st quarter valued at approximately $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.