GraniteShares 2x Short NVDA Daily ETF (NASDAQ:NVD) Shares Up 5.8% – Time to Buy?

GraniteShares 2x Short NVDA Daily ETF (NASDAQ:NVD)’s share price were up 5.8% on Wednesday . The company traded as high as $1.31 and last traded at $1.27. Approximately 47,119,917 shares changed hands during trading, an increase of 131% from the average daily volume of 20,401,645 shares. The stock had previously closed at $1.20.

GraniteShares 2x Short NVDA Daily ETF Trading Down 1.6 %

The stock has a market capitalization of $105.12 million, a P/E ratio of -10.25 and a beta of -4.30. The company has a 50-day moving average price of $1.72 and a two-hundred day moving average price of $2.73.

Institutional Trading of GraniteShares 2x Short NVDA Daily ETF

Several hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC bought a new stake in GraniteShares 2x Short NVDA Daily ETF in the 2nd quarter valued at about $33,000. Midland Wealth Advisors LLC bought a new position in GraniteShares 2x Short NVDA Daily ETF in the second quarter worth approximately $44,000. Ground Swell Capital LLC grew its stake in GraniteShares 2x Short NVDA Daily ETF by 117.5% in the second quarter. Ground Swell Capital LLC now owns 21,929 shares of the company’s stock valued at $48,000 after acquiring an additional 11,847 shares during the period. Finally, Scientech Research LLC bought a new stake in shares of GraniteShares 2x Short NVDA Daily ETF during the second quarter valued at approximately $178,000.

About GraniteShares 2x Short NVDA Daily ETF

The GraniteShares 2x Short NVDA Daily ETF (NVD) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 2x inverse leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVD was launched on Aug 21, 2023 and is issued by GraniteShares.