GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Stock Price Up 2.4% – Should You Buy?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) shares traded up 2.4% on Friday. The stock traded as high as $16.51 and last traded at $16.43. Approximately 663,057 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 845,358 shares. The stock had previously closed at $16.04.

GraniteShares 2x Long BABA Daily ETF Price Performance

The stock has a fifty day moving average of $16.47 and a two-hundred day moving average of $24.30.

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

A hedge fund recently bought a new stake in GraniteShares 2x Long BABA Daily ETF stock. Retirement Planning Co of New England Inc. purchased a new stake in GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 15,026 shares of the company’s stock, valued at approximately $244,000. Retirement Planning Co of New England Inc. owned approximately 0.22% of GraniteShares 2x Long BABA Daily ETF at the end of the most recent quarter.

About GraniteShares 2x Long BABA Daily ETF

The GraniteShares 1.75x Long BABA Daily ETF (BABX) is an exchange-traded fund that mostly invests in consumer discretionary equity. The fund provides 1.75x leveraged exposure, less fees and expenses, to the daily price movement for shares of Alibaba Group Holding Limited stock. BABX was launched on Dec 13, 2022 and is managed by GraniteShares.