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

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) rose 9.6% during trading on Thursday . The company traded as high as $39.26 and last traded at $38.67. Approximately 2,305,421 shares traded hands during trading, a decline of 48% from the average daily volume of 4,394,288 shares. The stock had previously closed at $35.29.

GraniteShares 2x Long COIN Daily ETF Trading Up 9.1 %

The company’s fifty day moving average is $49.14 and its 200 day moving average is $39.94.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. purchased a new position in GraniteShares 2x Long COIN Daily ETF during the 3rd quarter valued at about $8,079,000. IMC Chicago LLC purchased a new stake in GraniteShares 2x Long COIN Daily ETF in the third quarter worth $2,412,000. Finally, SG Americas Securities LLC purchased a new position in 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.