GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) Stock Price Down 4% – What’s Next?

GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL)’s stock price traded down 4% during mid-day trading on Friday . The stock traded as low as $27.37 and last traded at $27.58. 9,103,626 shares were traded during trading, a decline of 67% from the average session volume of 27,504,297 shares. The stock had previously closed at $28.72.

GraniteShares 2x Long NVDA Daily ETF Price Performance

The stock has a 50-day simple moving average of $101.46 and a 200 day simple moving average of $89.64.

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

Several hedge funds have recently added to or reduced their stakes in NVDL. Goldman Sachs Group Inc. bought a new stake in GraniteShares 2x Long NVDA Daily ETF during the 4th quarter worth about $30,804,000. HUB Investment Partners LLC acquired a new position in GraniteShares 2x Long NVDA Daily ETF during the 3rd quarter valued at about $9,034,000. Renaissance Technologies LLC bought a new position in shares of GraniteShares 2x Long NVDA Daily ETF in the 1st quarter valued at about $5,907,000. Hoey Investments Inc. boosted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 12.6% in the 1st quarter. Hoey Investments Inc. now owns 44,234 shares of the company’s stock valued at $3,210,000 after purchasing an additional 4,935 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its stake in shares of GraniteShares 2x Long NVDA Daily ETF by 105.0% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 41,152 shares of the company’s stock valued at $3,622,000 after purchasing an additional 21,073 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.