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

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $45.08, but opened at $43.60. GraniteShares 2x Long COIN Daily ETF shares last traded at $43.60, with a volume of 1,162,101 shares trading hands.

GraniteShares 2x Long COIN Daily ETF Stock Performance

The stock’s fifty day simple moving average is $48.59 and its 200-day simple moving average is $40.62.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CONL. SG Americas Securities LLC bought a new position in shares of GraniteShares 2x Long COIN Daily ETF during the 3rd quarter worth approximately $122,000. IMC Chicago LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the third quarter valued at approximately $2,412,000. Finally, Citigroup Inc. bought a new stake in GraniteShares 2x Long COIN Daily ETF during the third quarter worth $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.