GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Gap Down – Should You Sell?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $5.40, but opened at $5.12. GraniteShares 2x Long COIN Daily ETF shares last traded at $5.39, with a volume of 5,141,166 shares traded.

GraniteShares 2x Long COIN Daily ETF Trading Down 0.4%

The company’s 50-day simple moving average is $6.70 and its 200 day simple moving average is $9.36.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Summit Securities Group LLC acquired a new stake in GraniteShares 2x Long COIN Daily ETF in the 4th quarter worth approximately $44,000. Parallel Advisors LLC grew its holdings in GraniteShares 2x Long COIN Daily ETF by 353.3% during the first quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock valued at $48,000 after purchasing 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 valued at approximately $78,000. NewEdge Advisors LLC raised its position in shares of GraniteShares 2x Long COIN Daily ETF by 58.0% in the first quarter. NewEdge Advisors LLC now owns 16,075 shares of the company’s stock valued at $113,000 after purchasing an additional 5,900 shares during the period. Finally, Flagstar Advisors Inc. bought a new position in shares of GraniteShares 2x Long COIN Daily ETF in the first quarter valued at approximately $189,000.

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.