GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Trading 16.1% Higher – Time to Buy?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s stock price traded up 16.1% during mid-day trading on Thursday . The company traded as high as $44.18 and last traded at $39.58. 6,015,362 shares changed hands during mid-day trading, an increase of 490% from the average session volume of 1,019,609 shares. The stock had previously closed at $34.09.

GraniteShares 2x Long BABA Daily ETF Stock Up 11.5 %

The stock’s fifty day simple moving average is $20.07 and its 200-day simple moving average is $19.99.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Hoey Investments Inc. purchased a new position in shares of GraniteShares 2x Long BABA Daily ETF during the 4th quarter worth about $26,000. Jane Street Group LLC acquired a new stake in GraniteShares 2x Long BABA Daily ETF during the 4th quarter worth approximately $288,000. Finally, Optiver Holding B.V. acquired a new stake in GraniteShares 2x Long BABA Daily ETF during the 4th quarter worth approximately $2,302,000.

About GraniteShares 2x Long BABA Daily ETF

The GraniteShares 1.75x Long BABA Daily ETF (BABX) is an exchange-traded fund that mostly invests in consumer discretionary equity. The fund provides 1.75x leveraged exposure, less fees and expenses, to the daily price movement for shares of Alibaba Group Holding Limited stock. BABX was launched on Dec 13, 2022 and is managed by GraniteShares.