GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Trading Down 8% – Here’s What Happened

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s stock price fell 8% on Thursday . The stock traded as low as $52.17 and last traded at $53.01. 28,404,381 shares traded hands during mid-day trading, an increase of 14% from the average session volume of 24,839,510 shares. The stock had previously closed at $57.64.

GraniteShares 2x Long NVDA Daily ETF Price Performance

The stock’s 50-day moving average price is $64.23 and its two-hundred day moving average price is $65.94.

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

A number of hedge funds have recently modified their holdings of NVDL. IFP Advisors Inc bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the 4th quarter worth approximately $27,000. Tower Research Capital LLC TRC increased its stake in GraniteShares 2x Long NVDA Daily ETF by 26.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,088 shares of the company’s stock worth $72,000 after buying an additional 229 shares in the last quarter. Spire Wealth Management bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the fourth quarter valued at about $78,000. CoreCap Advisors LLC lifted its position in shares of GraniteShares 2x Long NVDA Daily ETF by 530.0% in the fourth quarter. CoreCap Advisors LLC now owns 1,575 shares of the company’s stock valued at $105,000 after acquiring an additional 1,325 shares in the last quarter. Finally, Centaurus Financial Inc. bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter valued at approximately $134,000.

About GraniteShares 2x Long NVDA Daily ETF

The GraniteShares 1.5x Long NVDA Daily ETF (NVDL) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVDL was launched on Dec 13, 2022 and is managed by GraniteShares.