GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 8.1% – Time to Sell?

Shares of GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) dropped 8.1% during mid-day trading on Friday . The company traded as low as $5.89 and last traded at $5.9520. 7,328,180 shares changed hands during trading, a decline of 61% from the average session volume of 18,882,670 shares. The stock had previously closed at $6.48.

GraniteShares 2x Long COIN Daily ETF Stock Down 7.2%

The stock has a 50 day moving average price of $5.01 and a 200 day moving average price of $6.66.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CONL. Summit Securities Group LLC bought a new position in shares of GraniteShares 2x Long COIN Daily ETF during the 4th quarter worth approximately $44,000. Parallel Advisors LLC lifted its position in shares of 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 valued at $48,000 after acquiring an additional 5,300 shares during the period. Group One Trading LLC bought a new position in GraniteShares 2x Long COIN Daily ETF during the fourth quarter worth $78,000. NewEdge Advisors LLC boosted its stake in GraniteShares 2x Long COIN Daily ETF by 58.0% during the first quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock worth $113,000 after acquiring an additional 5,900 shares in the last quarter. Finally, Flagstar Advisors Inc. acquired a new stake in GraniteShares 2x Long COIN Daily ETF in the first quarter worth $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.