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

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) shares gapped up before the market opened on Thursday . The stock had previously closed at $40.69, but opened at $43.50. GraniteShares 2x Long COIN Daily ETF shares last traded at $45.55, with a volume of 2,315,514 shares traded.

GraniteShares 2x Long COIN Daily ETF Stock Up 8.8 %

The stock has a 50 day simple moving average of $45.52 and a 200 day simple moving average of $38.57.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in GraniteShares 2x Long COIN Daily ETF in the 3rd quarter worth about $122,000. JPMorgan Chase & Co. acquired a new position in shares of GraniteShares 2x Long COIN Daily ETF during the fourth quarter worth approximately $836,000. Prosperity Wealth Management Inc. bought a new position in GraniteShares 2x Long COIN Daily ETF in the 4th quarter worth approximately $1,314,000. Simplex Trading LLC increased its position in GraniteShares 2x Long COIN Daily ETF by 362.9% in the 4th quarter. Simplex Trading LLC now owns 41,634 shares of the company’s stock valued at $1,469,000 after acquiring an additional 32,639 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in GraniteShares 2x Long COIN Daily ETF during the 4th quarter valued at $2,268,000.

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.