The actions of Trump Media they go up a 100% from its recent low, while the rally Trump Media & Technology continues with a high volume of operations.
The actions of Trump Media rises almost 20% this Thursday and sustains the momentum that helps the stock recover after the heavy losses of the Truth Social operator following a massive sell-off that lasted several weeks. DJT’s stock price is now around $24 per share shortly after the market opened, more than double the intraday low of $11.75 reached just over two weeks ago.
The increase occurred despite the lack of positive news about the company, but it coincided with some recent presidential election polls and other indicators that allies of former President Donald Trumpits majority shareholder, took positive signs.
Many analysts have described Trump Media as a “meme” which is largely bought and sold by Trump supporters, who see investing in the company as a way to support the Republican presidential candidate and bet on his chances of winning the White House.
“It has nothing to do with fundamentals,” Anne Stevenson-Yang, founder and director of research at J Capital Research, said in an interview with CNBC. “It’s simply a bet on Trump,” he added.
Without foundations, but in support of Trump
The latest jump came during a very high-volume trading session, which had already surpassed Trump Media’s 30-day volume average – about 15.1 million shares, according to FactSet. less than an hour after the market opens.
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As of 11:30 a.m. on Wall Street, more than 27 million shares of Trump Media had already been traded.
The gains put Trump Media on track for its fifth positive day in six, and its best week since late March, when the company went public after completing a business merger with a blank-check company.
The recent rise marks the end of a prolonged decline that had erased more than 80% of Trump Media’s value from its post-merger highs. As of Thursday, the stock price was still well below its intraday peak of $79.38 per share, reached during its Nasdaq debut.
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