GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Shares Up 5.4% – Time to Buy?

Shares of GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) shot up 5.4% during mid-day trading on Monday . The company traded as high as $56.21 and last traded at $55.85. 1,080,211 shares were traded during trading, a decline of 12% from the average session volume of 1,221,199 shares. The stock had previously closed at $52.97.

GraniteShares 2x Long BABA Daily ETF Stock Performance

The business has a 50 day simple moving average of $44.96 and a 200-day simple moving average of $33.07.

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

Hedge funds have recently modified their holdings of the company. IFP Advisors Inc bought a new stake in shares of GraniteShares 2x Long BABA Daily ETF in the 1st quarter worth approximately $107,000. Simplex Trading LLC grew its position 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 worth $347,000 after acquiring an additional 9,563 shares in the last quarter. Flow Traders U.S. LLC purchased a new position in GraniteShares 2x Long BABA Daily ETF in the first quarter worth $521,000. Jane Street Group LLC lifted its stake in GraniteShares 2x Long BABA Daily ETF by 4.9% in the first quarter. Jane Street Group LLC now owns 18,747 shares of the company’s stock worth $668,000 after purchasing an additional 876 shares during the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in GraniteShares 2x Long BABA Daily ETF in the second quarter worth $69,000.

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.