GraniteShares 2x Long META Daily ETF (NASDAQ:FBL) Stock Price Down 8.7% – Should You Sell?

Shares of GraniteShares 2x Long META Daily ETF (NASDAQ:FBL) dropped 8.7% on Thursday . The company traded as low as $31.20 and last traded at $31.66. Approximately 2,164,321 shares traded hands during mid-day trading, an increase of 228% from the average daily volume of 660,204 shares. The stock had previously closed at $34.66.

GraniteShares 2x Long META Daily ETF Price Performance

The firm’s 50-day moving average is $30.89 and its two-hundred day moving average is $27.24.

Institutional Trading of GraniteShares 2x Long META Daily ETF

An institutional investor recently raised its position in GraniteShares 2x Long META Daily ETF stock. TRUE Private Wealth Advisors increased its stake in GraniteShares 2x Long META Daily ETF (NASDAQ:FBL) by 2.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,457 shares of the company’s stock after buying an additional 1,060 shares during the quarter. TRUE Private Wealth Advisors owned about 0.82% of GraniteShares 2x Long META Daily ETF worth $1,053,000 as of its most recent SEC filing.

About GraniteShares 2x Long META Daily ETF

The GraniteShares 1.5x Long Meta Daily ETF (FBL) is an exchange-traded fund that mostly invests in communication services equity. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of Meta Platforms, Inc Class A stock. FBL was launched on Dec 13, 2022 and is managed by GraniteShares.