GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Trading Down 4.9% – Here’s Why

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) traded down 4.9% on Monday . The company traded as low as $65.08 and last traded at $67.39. 2,082,562 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 4,250,930 shares. The stock had previously closed at $70.88.

GraniteShares 2x Long COIN Daily ETF Stock Down 5.0 %

The stock’s 50 day moving average price is $42.80 and its two-hundred day moving average price is $40.89.

Institutional Investors Weigh In On GraniteShares 2x Long COIN Daily ETF

Hedge funds and other institutional investors have recently made changes to their positions in the company. Citigroup Inc. bought a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the 3rd quarter valued at approximately $8,079,000. IMC Chicago LLC acquired a new stake in GraniteShares 2x Long COIN Daily ETF in the third quarter valued at approximately $2,412,000. Finally, SG Americas Securities LLC bought a new stake in GraniteShares 2x Long COIN Daily ETF in the third quarter worth approximately $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.