GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 7.1% – Time to Sell?

Shares of GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) dropped 7.1% during trading on Thursday . The company traded as low as $41.92 and last traded at $42.38. Approximately 5,448,288 shares were traded during trading, an increase of 25% from the average daily volume of 4,370,130 shares. The stock had previously closed at $45.63.

GraniteShares 2x Long COIN Daily ETF Trading Down 4.2 %

The firm has a fifty day moving average of $46.91 and a 200-day moving average of $41.08.

Institutional Investors Weigh In On GraniteShares 2x Long COIN Daily ETF

Institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the 3rd quarter valued at about $122,000. IMC Chicago LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth about $2,412,000. Finally, Citigroup Inc. acquired a new stake in GraniteShares 2x Long COIN Daily ETF during the third quarter valued at 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.