GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Stock Price Up 9.6% – Still a Buy?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shot up 9.6% during trading on Thursday . The stock traded as high as $39.26 and last traded at $38.67. 2,305,421 shares were traded during mid-day trading, a decline of 48% from the average session volume of 4,394,288 shares. The stock had previously closed at $35.29.

GraniteShares 2x Long COIN Daily ETF Price Performance

The stock has a 50-day simple moving average of $49.47 and a two-hundred day simple moving average of $39.82.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Citigroup Inc. purchased a new stake in GraniteShares 2x Long COIN Daily ETF in the third quarter worth approximately $8,079,000. IMC Chicago LLC purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth $2,412,000. Finally, SG Americas Securities LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the third quarter worth $122,000.

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.