GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 11.2% – Time to Sell?

Shares of GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) were down 11.2% on Tuesday . The company traded as low as $60.22 and last traded at $60.24. Approximately 15,834,789 shares changed hands during trading, an increase of 348% from the average daily volume of 3,534,223 shares. The stock had previously closed at $67.81.

GraniteShares 2x Long COIN Daily ETF Stock Performance

The business has a 50-day moving average of $27.20 and a two-hundred day moving average of $39.07.

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

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in GraniteShares 2x Long COIN Daily ETF in the 3rd quarter valued at approximately $122,000. IMC Chicago LLC purchased a new position in GraniteShares 2x Long COIN Daily ETF in the third quarter valued at about $2,412,000. Finally, Citigroup Inc. purchased a new stake in GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth approximately $8,079,000.

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.