GraniteShares 2x Short NVDA Daily ETF (NASDAQ:NVD) Trading 1.8% Higher – Still a Buy?

GraniteShares 2x Short NVDA Daily ETF (NASDAQ:NVD)’s share price shot up 1.8% during trading on Wednesday . The stock traded as high as $9.86 and last traded at $9.70. 16,909,747 shares traded hands during mid-day trading, an increase of 79% from the average session volume of 9,447,275 shares. The stock had previously closed at $9.53.

GraniteShares 2x Short NVDA Daily ETF Trading Up 1.8%

The firm has a market cap of $205.45 million, a PE ratio of -80.83 and a beta of -4.30. The company has a 50-day simple moving average of $9.96 and a 200 day simple moving average of $18.52.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Simplex Trading LLC raised its position in shares of GraniteShares 2x Short NVDA Daily ETF by 114.3% in the first quarter. Simplex Trading LLC now owns 4,758 shares of the company’s stock worth $164,000 after acquiring an additional 2,538 shares during the period. Jump Financial LLC purchased a new position in shares of GraniteShares 2x Short NVDA Daily ETF in the 1st quarter valued at about $1,284,000. Jane Street Group LLC raised its holdings in GraniteShares 2x Short NVDA Daily ETF by 85.9% in the 1st quarter. Jane Street Group LLC now owns 58,700 shares of the company’s stock worth $2,032,000 after purchasing an additional 27,126 shares during the period. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in GraniteShares 2x Short NVDA Daily ETF during the second quarter worth approximately $384,000. Finally, StoneX Group Inc. grew its holdings in GraniteShares 2x Short NVDA Daily ETF by 83.0% in the second quarter. StoneX Group Inc. now owns 15,879 shares of the company’s stock valued at $201,000 after purchasing an additional 7,200 shares during the period.

About GraniteShares 2x Short NVDA Daily ETF

The GraniteShares 2x Short NVDA Daily ETF (NVD) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 2x inverse leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA Corporation stock. NVD was launched on Aug 21, 2023 and is issued by GraniteShares.