GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Stock Price Down 13.6% – Here’s Why

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) shares traded down 13.6% during mid-day trading on Monday . The company traded as low as $23.12 and last traded at $23.90. 14,367,738 shares were traded during trading, a decline of 33% from the average session volume of 21,454,667 shares. The stock had previously closed at $27.66.

GraniteShares 2x Long NVDA Daily ETF Stock Up 7.0 %

The company’s 50 day moving average price is $48.75 and its 200-day moving average price is $63.02.

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

Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in GraniteShares 2x Long NVDA Daily ETF by 8.0% in the third quarter. JPMorgan Chase & Co. now owns 78,492 shares of the company’s stock worth $4,567,000 after purchasing an additional 5,839 shares during the last quarter. HighTower Advisors LLC purchased a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 3rd quarter worth about $210,000. Claro Advisors LLC grew its position in GraniteShares 2x Long NVDA Daily ETF by 31.6% during the fourth quarter. Claro Advisors LLC now owns 11,919 shares of the company’s stock valued at $791,000 after buying an additional 2,861 shares during the period. Barclays PLC increased its holdings in 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 during the last quarter. Finally, IFP Advisors Inc purchased a new position in GraniteShares 2x Long NVDA Daily ETF in the fourth quarter valued at about $27,000.

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.