GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Down 4.1% – Should You Sell?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) dropped 4.1% during trading on Monday . The company traded as low as $29.76 and last traded at $30.20. 2,110,742 shares were traded during trading, a decline of 92% from the average session volume of 25,426,969 shares. The stock had previously closed at $31.49.

GraniteShares 2x Long NVDA Daily ETF Trading Up 0.4%

The stock’s fifty day moving average is $32.21 and its two-hundred day moving average is $30.29.

Hedge Funds Weigh In On GraniteShares 2x Long NVDA Daily ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 119.5% during the first quarter. NewEdge Advisors LLC now owns 29,264 shares of the company’s stock valued at $1,094,000 after acquiring an additional 15,931 shares in the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the second quarter worth about $183,000. Josh Arnold Investment Consultant LLC acquired a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $481,000. EP Wealth Advisors LLC acquired a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $409,000. Finally, Snowden Capital Advisors LLC purchased a new position in GraniteShares 2x Long NVDA Daily ETF in the second quarter valued at about $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.