GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Shares Down 10.7% – Here’s Why

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares dropped 10.7% during trading on Thursday . The company traded as low as $8.34 and last traded at $8.46. Approximately 14,089,463 shares changed hands during trading, a decline of 14% from the average daily volume of 16,468,268 shares. The stock had previously closed at $9.47.

GraniteShares 2x Long COIN Daily ETF Price Performance

The stock has a 50-day moving average of $8.02 and a 200-day moving average of $17.49.

Institutional Trading of GraniteShares 2x Long COIN Daily ETF

A number of hedge funds have recently made changes to their positions in CONL. Summit Securities Group LLC bought a new position in GraniteShares 2x Long COIN Daily ETF in the fourth quarter valued at $44,000. SBI Securities Co. Ltd. boosted its holdings in shares of GraniteShares 2x Long COIN Daily ETF by 12.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 41,273 shares of the company’s stock worth $1,544,000 after purchasing an additional 4,526 shares in the last quarter. Group One Trading LLC bought a new position in shares of GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at about $78,000. Peapack Gladstone Financial Corp purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF during the 2nd quarter valued at about $293,000. Finally, NewEdge Advisors LLC purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at about $149,000.

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.