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

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) shares gapped down prior to trading on Wednesday . The stock had previously closed at $46.30, but opened at $44.80. GraniteShares 2x Long NVDA Daily ETF shares last traded at $41.95, with a volume of 7,198,415 shares trading hands.

GraniteShares 2x Long NVDA Daily ETF Trading Down 9.2 %

The stock’s 50 day moving average price is $54.29 and its 200 day moving average price is $63.91.

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

Several hedge funds and other institutional investors have recently made changes to their positions in NVDL. Oriental Harbor Investment Fund purchased a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the third quarter valued at $27,892,000. JPMorgan Chase & Co. increased its position in shares of GraniteShares 2x Long NVDA Daily ETF by 456.7% during the fourth quarter. JPMorgan Chase & Co. now owns 436,970 shares of the company’s stock worth $29,010,000 after acquiring an additional 358,478 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in GraniteShares 2x Long NVDA Daily ETF by 1,006.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 128,102 shares of the company’s stock valued at $8,505,000 after purchasing an additional 116,527 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in GraniteShares 2x Long NVDA Daily ETF during the 4th quarter valued at approximately $3,307,000. Finally, Barclays PLC increased its holdings in GraniteShares 2x Long NVDA Daily ETF by 50.4% during the 3rd quarter. Barclays PLC now owns 142,652 shares of the company’s stock worth $8,301,000 after purchasing an additional 47,800 shares during the last quarter.

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.