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

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s share price were down 6.1% during mid-day trading on Tuesday . The stock traded as low as $76.33 and last traded at $76.82. Approximately 11,800,162 shares were traded 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 Stock Performance

The firm’s 50-day moving average price is $73.51 and its 200 day moving average price is $66.43.

Hedge Funds Weigh In On GraniteShares 2x Long NVDA Daily ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NVDL. National Bank of Canada FI bought a new stake in shares of GraniteShares 2x Long NVDA Daily ETF in the 2nd quarter valued at about $42,000. Hollencrest Capital Management raised its holdings in GraniteShares 2x Long NVDA Daily ETF by 5,677.8% in the second quarter. Hollencrest Capital Management now owns 1,040 shares of the company’s stock worth $72,000 after purchasing an additional 1,022 shares during the period. Centaurus Financial Inc. bought a new position in shares of GraniteShares 2x Long NVDA Daily ETF during the third quarter worth $134,000. Gilliland Jeter Wealth Management LLC increased its position in shares of GraniteShares 2x Long NVDA Daily ETF by 144.9% in the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 2,535 shares of the company’s stock valued at $148,000 after buying an additional 1,500 shares in the last quarter. Finally, Safe Harbor Fiduciary LLC acquired a new stake in GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter worth $153,000.

GraniteShares 2x Long NVDA Daily ETF Company Profile

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.