GraniteShares 2x Short NVDA Daily ETF (NASDAQ:NVD) Trading Up 5.8% – Should You Buy?

Shares of GraniteShares 2x Short NVDA Daily ETF (NASDAQ:NVD) traded up 5.8% on Wednesday . The stock traded as high as $1.31 and last traded at $1.27. 47,119,917 shares traded hands during mid-day trading, an increase of 131% from the average session volume of 20,401,645 shares. The stock had previously closed at $1.20.

GraniteShares 2x Short NVDA Daily ETF Stock Performance

The firm has a market capitalization of $75.60 million, a price-to-earnings ratio of -10.58 and a beta of -4.30. The stock’s fifty day moving average is $1.74 and its two-hundred day moving average is $2.77.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Scientech Research LLC bought a new position in shares of GraniteShares 2x Short NVDA Daily ETF in the second quarter worth $178,000. Ground Swell Capital LLC raised its stake in shares of GraniteShares 2x Short NVDA Daily ETF by 117.5% during the second quarter. Ground Swell Capital LLC now owns 21,929 shares of the company’s stock valued at $48,000 after purchasing an additional 11,847 shares in the last quarter. Headlands Technologies LLC acquired a new stake in GraniteShares 2x Short NVDA Daily ETF in the second quarter worth about $33,000. Finally, Midland Wealth Advisors LLC bought a new position in GraniteShares 2x Short NVDA Daily ETF in the 2nd quarter valued at about $44,000.

About GraniteShares 2x Short NVDA Daily ETF

The GraniteShares 2x Short NVDA Daily ETF (NVD) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 2x inverse leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVD was launched on Aug 21, 2023 and is issued by GraniteShares.