GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Shares Down 6.2% – Here’s What Happened

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) traded down 6.2% during trading on Thursday . The company traded as low as $49.20 and last traded at $49.07. 12,670,739 shares traded hands during trading, a decline of 47% from the average session volume of 23,838,115 shares. The stock had previously closed at $52.29.

GraniteShares 2x Long NVDA Daily ETF Trading Down 7.2 %

The company has a fifty day moving average price of $69.11 and a two-hundred day moving average price of $65.65.

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 stock. Spire Wealth Management acquired a new position in shares of GraniteShares 2x Long NVDA Daily ETF during the fourth quarter worth about $78,000. Centaurus Financial Inc. acquired a new stake in GraniteShares 2x Long NVDA Daily ETF in the 3rd quarter valued at $134,000. Gilliland Jeter Wealth Management LLC boosted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 144.9% during the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 2,535 shares of the company’s stock worth $148,000 after buying an additional 1,500 shares during the last quarter. Safe Harbor Fiduciary LLC bought a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 3rd quarter valued at about $153,000. Finally, HighTower Advisors LLC bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the third quarter worth about $210,000.

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.