GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Stock Price Down 8% – Time to Sell?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) dropped 8% during trading on Wednesday . The company traded as low as $72.99 and last traded at $73.45. Approximately 18,725,975 shares changed hands during mid-day trading, an increase of 4% from the average daily volume of 18,026,564 shares. The stock had previously closed at $79.80.

GraniteShares 2x Long NVDA Daily ETF Stock Up 1.5 %

The stock’s fifty day moving average price is $61.63 and its 200 day moving average price is $57.54.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Private Ocean LLC bought a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $35,000. National Bank of Canada FI purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $42,000. Gilliland Jeter Wealth Management LLC purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the second quarter worth about $72,000. Hollencrest Capital Management lifted its stake 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 acquiring an additional 1,022 shares during the period. Finally, Cherry Tree Wealth Management LLC purchased a new stake in GraniteShares 2x Long NVDA Daily ETF in the first quarter worth about $95,000.

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.