GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Gap Up – Still a Buy?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) gapped up before the market opened on Wednesday . The stock had previously closed at $63.19, but opened at $66.57. GraniteShares 2x Long NVDA Daily ETF shares last traded at $67.39, with a volume of 7,911,668 shares traded.

GraniteShares 2x Long NVDA Daily ETF Stock Performance

The stock’s 50-day simple moving average is $74.57 and its two-hundred day simple moving average is $66.77.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NVDL. Private Ocean LLC purchased a new stake in shares of GraniteShares 2x Long NVDA Daily ETF in the second quarter valued at approximately $35,000. National Bank of Canada FI purchased a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the 2nd quarter valued at $42,000. Gilliland Jeter Wealth Management LLC acquired a new stake in shares of GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter worth $72,000. Hollencrest Capital Management grew its stake in GraniteShares 2x Long NVDA Daily ETF by 5,677.8% during the 2nd quarter. Hollencrest Capital Management now owns 1,040 shares of the company’s stock worth $72,000 after buying an additional 1,022 shares during the last quarter. Finally, Centaurus Financial Inc. purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the third quarter valued at about $134,000.

About GraniteShares 2x Long NVDA Daily ETF

The GraniteShares 1.5x Long NVDA Daily ETF (NVDL) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVDL was launched on Dec 13, 2022 and is managed by GraniteShares.