GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX) Trading 2.6% Higher – Here’s Why

GraniteShares 2x Long BABA Daily ETF (NASDAQ:BABX)’s stock price shot up 2.6% during mid-day trading on Tuesday . The stock traded as high as $44.54 and last traded at $43.70. 912,843 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 1,216,226 shares. The stock had previously closed at $42.61.

GraniteShares 2x Long BABA Daily ETF Price Performance

The stock has a 50-day moving average price of $50.14 and a 200-day moving average price of $35.55.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BABX. Scientech Research LLC acquired a new position in shares of GraniteShares 2x Long BABA Daily ETF in the third quarter valued at $213,000. Flow Traders U.S. LLC bought a new stake in shares of GraniteShares 2x Long BABA Daily ETF during the 3rd quarter worth about $222,000. SBI Securities Co. Ltd. boosted its holdings in shares of GraniteShares 2x Long BABA Daily ETF by 98.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 1,084 shares of the company’s stock worth $62,000 after buying an additional 537 shares during the period. IMC Chicago LLC acquired a new position in GraniteShares 2x Long BABA Daily ETF in the 3rd quarter valued at about $625,000. Finally, Tower Research Capital LLC TRC bought a new position in GraniteShares 2x Long BABA Daily ETF in the 2nd quarter valued at about $69,000.

About GraniteShares 2x Long BABA Daily ETF

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.