GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Gap Down – Here’s What Happened

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) gapped down prior to trading on Friday . The stock had previously closed at $8.11, but opened at $7.54. GraniteShares 2x Long COIN Daily ETF shares last traded at $7.41, with a volume of 7,682,401 shares.

GraniteShares 2x Long COIN Daily ETF Price Performance

The stock’s 50 day simple moving average is $8.32 and its two-hundred day simple moving average is $15.19.

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

A number of institutional investors have recently modified their holdings of the stock. Summit Securities Group LLC bought a new position in shares of GraniteShares 2x Long COIN Daily ETF in the fourth quarter worth about $44,000. SBI Securities Co. Ltd. raised its stake in shares of GraniteShares 2x Long COIN Daily ETF by 12.3% in the third quarter. SBI Securities Co. Ltd. now owns 41,273 shares of the company’s stock worth $1,544,000 after acquiring an additional 4,526 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of GraniteShares 2x Long COIN Daily ETF by 353.3% in the first quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock worth $48,000 after acquiring an additional 5,300 shares during the last quarter. Group One Trading LLC bought a new position in shares of GraniteShares 2x Long COIN Daily ETF in the fourth quarter worth about $78,000. Finally, Peapack Gladstone Financial Corp bought a new position in shares of GraniteShares 2x Long COIN Daily ETF in the second quarter worth about $293,000.

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.