GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 13.2% – Time to Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) were down 13.2% on Tuesday . The stock traded as low as $44.31 and last traded at $41.83. Approximately 1,708,325 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 4,867,004 shares. The stock had previously closed at $48.17.

GraniteShares 2x Long COIN Daily ETF Stock Performance

The stock’s 50 day simple moving average is $50.47 and its 200-day simple moving average is $39.25.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CONL. Citigroup Inc. acquired a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the third quarter valued at $8,079,000. IMC Chicago LLC acquired a new stake in GraniteShares 2x Long COIN Daily ETF in the 3rd quarter valued at about $2,412,000. Finally, SG Americas Securities LLC purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF in the 3rd quarter valued at about $122,000.

GraniteShares 2x Long COIN Daily ETF Company Profile

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.