GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Trading Down 6.1% – Time to Sell?

Shares of GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) were down 6.1% during trading on Tuesday . The stock traded as low as $76.33 and last traded at $76.82. Approximately 11,800,162 shares changed hands during mid-day trading, a decline of 24% from the average daily volume of 15,475,440 shares. The stock had previously closed at $81.84.

GraniteShares 2x Long NVDA Daily ETF Price Performance

The company has a 50 day moving average of $73.33 and a 200 day moving average of $66.44.

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

Several institutional investors and hedge funds have recently made changes to their positions in the company. Oriental Harbor Investment Fund bought a new position in GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter valued at about $27,892,000. Barclays PLC increased its holdings in shares of GraniteShares 2x Long NVDA Daily ETF by 50.4% during the third quarter. Barclays PLC now owns 142,652 shares of the company’s stock worth $8,301,000 after buying an additional 47,800 shares in the last quarter. Brookstone Capital Management raised its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 75.4% in the third quarter. Brookstone Capital Management now owns 37,858 shares of the company’s stock valued at $2,203,000 after acquiring an additional 16,269 shares during the last quarter. Josh Arnold Investment Consultant LLC acquired a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 3rd quarter worth approximately $826,000. Finally, Creative Planning grew its position in GraniteShares 2x Long NVDA Daily ETF by 299.8% during the 3rd quarter. Creative Planning now owns 18,038 shares of the company’s stock worth $1,050,000 after acquiring an additional 13,526 shares during the last quarter.

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.