GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Stock Price Up 9.3% – Still a Buy?

Shares of GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) rose 9.3% on Friday . The company traded as high as $52.35 and last traded at $52.70. Approximately 2,824,888 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 5,443,063 shares. The stock had previously closed at $48.22.

GraniteShares 2x Long COIN Daily ETF Price Performance

The stock has a 50-day moving average price of $50.05 and a two-hundred day moving average price of $39.33.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Drive Wealth Management LLC purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF in the 4th quarter valued at approximately $7,614,000. Citigroup Inc. purchased a new position in GraniteShares 2x Long COIN Daily ETF during the third quarter valued at $8,079,000. IMC Chicago LLC purchased a new position in GraniteShares 2x Long COIN Daily ETF during the third quarter valued at $2,412,000. Finally, SG Americas Securities LLC purchased a new position in shares of GraniteShares 2x Long COIN Daily ETF in the third quarter worth $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.