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shares Trump Media It was up 19% on Thursday morning, maintaining a rebound that had already regained some of its gains. truth society Carriers’ huge losses in recent weeks sell off.
DJT Shortly after the opening bell, the stock was trading at about $24 a share, more than double its intraday trading low of $11.75 two weeks ago.
Trump Media (DJT) stock price
The surge in shares comes amid little positive news for the company but coincides with some recent presidential election polls and other indicators from the former president’s allies Donald TrumpIts majority shareholder, which is seen as a positive sign.
Many analysts describe Trump Media as a meme stock that is largely bought and sold by Trump fans who see investing in the company as a way to support the Republican presidential candidate and bet on him winning the White House. .
“This has nothing to do with fundamentals,” Anne Stevenson-Yang, founder and research director of short seller J Capital Research, told CNBC.
“That’s the bet on Trump, that’s all,” she said.
The latest surge came during a very high-volume trading session, with volume already surpassing Trump Media’s 30-day average volume (about 15.1 million shares, according to FactSet) less than an hour after the market opened.
As of 11:30 a.m. ET, more than 27 million shares of Trump Media stock had changed hands.
The gains put Trump Media on track for its fifth winning day in six and its best week since late March, when it first began trading publicly after completing a business combination with a blank-check company.
The latest surge marks the end of a months-long slide that has wiped out more than 80% of Trump Media’s value from its post-merger highs.
As of Thursday, the stock was still well below the intraday peak of $79.38 per share it hit in its Nasdaq debut.
This is developing news. Please check back for updates.
