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

Shares of GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) gapped up prior to trading 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.

GraniteShares 2x Long COIN Daily ETF Price Performance

The stock’s 50-day moving average is $45.52 and its 200-day moving average is $38.57.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CONL. Citigroup Inc. acquired a new stake in GraniteShares 2x Long COIN Daily ETF in the third quarter worth approximately $8,079,000. Drive Wealth Management LLC bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 4th quarter worth $7,614,000. IMC Chicago LLC bought a new position in GraniteShares 2x Long COIN Daily ETF during the third quarter valued at about $2,412,000. SBI Securities Co. Ltd. acquired a new position in GraniteShares 2x Long COIN Daily ETF during the fourth quarter worth about $2,268,000. Finally, Prosperity Wealth Management Inc. bought a new stake in GraniteShares 2x Long COIN Daily ETF in the fourth quarter worth about $1,314,000.

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.