GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Stock Price Down 4.9% – What’s Next?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) shares dropped 4.9% during mid-day trading on Thursday . The company traded as low as $29.43 and last traded at $29.47. 7,309,700 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 26,599,324 shares. The stock had previously closed at $30.99.

GraniteShares 2x Long NVDA Daily ETF Stock Performance

The company’s 50-day moving average is $33.60 and its 200-day moving average is $30.13.

Institutional Trading of GraniteShares 2x Long NVDA Daily ETF

Hedge funds and other institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC raised its position in shares of GraniteShares 2x Long NVDA Daily ETF by 119.5% during the 1st quarter. NewEdge Advisors LLC now owns 29,264 shares of the company’s stock valued at $1,094,000 after buying an additional 15,931 shares during the period. Diversify Advisory Services LLC purchased a new position in GraniteShares 2x Long NVDA Daily ETF in the second quarter worth approximately $183,000. Josh Arnold Investment Consultant LLC acquired a new stake in GraniteShares 2x Long NVDA Daily ETF during the second quarter worth $481,000. EP Wealth Advisors LLC acquired a new stake in GraniteShares 2x Long NVDA Daily ETF during the second quarter worth $409,000. Finally, Snowden Capital Advisors LLC purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the second quarter valued at $272,000.

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.