GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Trading 16.1% Higher – Time to Buy?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s stock price rose 16.1% during mid-day trading on Thursday . The company traded as high as $44.18 and last traded at $39.58. Approximately 6,015,362 shares changed hands during trading, an increase of 490% from the average daily volume of 1,019,609 shares. The stock had previously closed at $34.09.

GraniteShares 2x Long BABA Daily ETF Trading Up 11.5 %

The business has a fifty day moving average of $20.07 and a 200-day moving average of $19.99.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Hoey Investments Inc. acquired a new position in GraniteShares 2x Long BABA Daily ETF during the fourth quarter worth about $26,000. Jane Street Group LLC acquired a new position in GraniteShares 2x Long BABA Daily ETF during the fourth quarter worth about $288,000. Finally, Optiver Holding B.V. acquired a new position in GraniteShares 2x Long BABA Daily ETF during the fourth quarter worth about $2,302,000.

About GraniteShares 2x Long BABA Daily ETF

The GraniteShares 1.75x Long BABA Daily ETF (BABX) is an exchange-traded fund that mostly invests in consumer discretionary equity. The fund provides 1.75x leveraged exposure, less fees and expenses, to the daily price movement for shares of Alibaba Group Holding Limited stock. BABX was launched on Dec 13, 2022 and is managed by GraniteShares.