GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Trading Down 3.7% – Time to Sell?

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s share price dropped 3.7% during mid-day trading on Friday . The stock traded as low as $22.50 and last traded at $22.78. Approximately 980,356 shares were traded during trading, an increase of 58% from the average daily volume of 620,262 shares. The stock had previously closed at $23.66.

GraniteShares 2x Long BABA Daily ETF Stock Performance

The business’s 50 day moving average is $27.42 and its 200 day moving average is $26.91.

Institutional Trading of GraniteShares 2x Long BABA Daily ETF

A number of institutional investors have recently bought and sold shares of the business. Hoey Investments Inc. purchased a new position in shares of GraniteShares 2x Long BABA Daily ETF in the 4th quarter valued at about $26,000. IFP Advisors Inc purchased a new stake in GraniteShares 2x Long BABA Daily ETF during the first quarter worth approximately $107,000. Jane Street Group LLC acquired a new position in GraniteShares 2x Long BABA Daily ETF in the fourth quarter valued at approximately $288,000. Simplex Trading LLC boosted its holdings in GraniteShares 2x Long BABA Daily ETF by 5,169.2% in the first quarter. Simplex Trading LLC now owns 9,748 shares of the company’s stock valued at $347,000 after purchasing an additional 9,563 shares in the last quarter. Finally, Flow Traders U.S. LLC purchased a new position in GraniteShares 2x Long BABA Daily ETF in the first quarter valued at approximately $521,000.

GraniteShares 2x Long BABA Daily ETF Company Profile

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.