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

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares rose 9.6% on Thursday . The stock traded as high as $49.86 and last traded at $50.67. Approximately 775,838 shares traded hands during trading, a decline of 85% from the average daily volume of 5,263,955 shares. The stock had previously closed at $46.22.

GraniteShares 2x Long COIN Daily ETF Price Performance

The business’s fifty day moving average price is $48.44 and its 200-day moving average price is $39.48.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Citigroup Inc. bought a new position in shares of GraniteShares 2x Long COIN Daily ETF in the third quarter worth approximately $8,079,000. Drive Wealth Management LLC purchased a new position in GraniteShares 2x Long COIN Daily ETF in the 4th quarter worth approximately $7,614,000. IMC Chicago LLC bought 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 purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF during the 3rd quarter valued at $122,000.

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.