GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) Sees Unusually-High Trading Volume – Still a Buy?

GraniteShares 2x Long COIN Daily ETF (NASDAQ:CONL) saw unusually-strong trading volume on Friday . Approximately 11,208,451 shares changed hands during mid-day trading, a decline of 35% from the previous session’s volume of 17,305,307 shares.The stock last traded at $8.35 and had previously closed at $9.66.

GraniteShares 2x Long COIN Daily ETF Price Performance

The stock’s fifty day moving average is $8.44 and its 200-day moving average is $14.25.

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

Hedge funds have recently modified their holdings of the company. Summit Securities Group LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the fourth quarter valued at about $44,000. Parallel Advisors LLC grew its holdings in shares of GraniteShares 2x Long COIN Daily ETF by 353.3% in the first quarter. Parallel Advisors LLC now owns 6,800 shares of the company’s stock valued at $48,000 after purchasing an additional 5,300 shares during the period. Group One Trading LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the fourth quarter valued at about $78,000. NewEdge Advisors LLC purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the fourth quarter valued at about $149,000. Finally, Flagstar Advisors Inc. purchased a new stake in shares of GraniteShares 2x Long COIN Daily ETF in the first quarter valued at about $189,000.

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.