GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Stock Price Down 7.5% – Should You Sell?

Shares of GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) dropped 7.5% on Friday . The stock traded as low as $75.42 and last traded at $75.97. Approximately 9,752,252 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 17,811,385 shares. The stock had previously closed at $82.11.

GraniteShares 2x Long NVDA Daily ETF Stock Down 9.0 %

The stock’s fifty day moving average price is $66.64 and its 200 day moving average price is $61.91.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hoey Investments Inc. boosted its position in GraniteShares 2x Long NVDA Daily ETF by 302.2% during the 1st quarter. Hoey Investments Inc. now owns 14,873 shares of the company’s stock valued at $617,000 after buying an additional 11,175 shares during the period. Jane Street Group LLC purchased a new stake in shares of GraniteShares 2x Long NVDA Daily ETF during the first quarter worth about $10,343,000. Sequoia Financial Advisors LLC bought a new stake in shares of GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $209,000. Silver Lake Advisory LLC purchased a new position in GraniteShares 2x Long NVDA Daily ETF during the 2nd quarter valued at about $264,000. Finally, Brookstone Capital Management bought a new position in GraniteShares 2x Long NVDA Daily ETF during the 2nd quarter valued at approximately $1,502,000.

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.