GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Trading Down 6.1% – Time to Sell?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s stock price dropped 6.1% during trading on Tuesday . The company traded as low as $76.33 and last traded at $76.82. Approximately 11,800,162 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 15,475,440 shares. The stock had previously closed at $81.84.

GraniteShares 2x Long NVDA Daily ETF Price Performance

The stock’s 50 day moving average price is $73.33 and its two-hundred day moving average price is $66.44.

Hedge Funds Weigh In On GraniteShares 2x Long NVDA Daily ETF

A number of institutional investors have recently made changes to their positions in NVDL. National Bank of Canada FI acquired a new stake in GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter valued at approximately $42,000. Hollencrest Capital Management grew its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 5,677.8% in the second quarter. Hollencrest Capital Management now owns 1,040 shares of the company’s stock worth $72,000 after acquiring an additional 1,022 shares during the last quarter. Centaurus Financial Inc. acquired a new stake in shares of GraniteShares 2x Long NVDA Daily ETF in the third quarter worth $134,000. Gilliland Jeter Wealth Management LLC increased its position in GraniteShares 2x Long NVDA Daily ETF by 144.9% during the third quarter. Gilliland Jeter Wealth Management LLC now owns 2,535 shares of the company’s stock worth $148,000 after acquiring an additional 1,500 shares during the period. Finally, Safe Harbor Fiduciary LLC acquired a new position in GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter valued at $153,000.

About GraniteShares 2x Long NVDA Daily ETF

The GraniteShares 1.5x Long NVDA Daily ETF (NVDL) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVDL was launched on Dec 13, 2022 and is managed by GraniteShares.