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shares of trump media Shares soared more than 17% on Thursday, maintaining upward momentum that has recouped some of the Truth Social operator’s steep losses from recent weeks of declines.
DJT stock closed at $24.12 per share, more than double its intraday trading low of $11.75 nearly two weeks ago.
Trump Media (DJT) stock price
The jump came amid little positive news about the company, but coincided with recent presidential election polls and other indicators that allies of its largest shareholder, former President Donald Trump, took as a positive sign. .
Many analysts describe Trump Media as a meme stock bought and sold primarily by Trump fans, who invest in the company to support the Republican presidential candidate and bet on his chances of winning the White House. It is seen as a means.
“It has nothing to do with fundamentals,” Anne Stevenson Yang, founder and research director of short-selling firm J Capital Research, said in an interview with CNBC.
“This is all a bet on Trump,” she said.
The recent rally occurred during a very aggressive trading session, with the stock already exceeding Trump Media’s 30-day average volume (approximately 15.1 million shares) less than an hour after the market opened, according to FactSet.
More than 43 million shares of Trump Media stock changed hands on Thursday.
The increase marks Trump Media’s fifth positive day in six days. This puts the company on track for its best week since late March, when it just completed its merger with a blank check company and went public.
The recent surge marks the end of a month-long slide that wiped more than 80% of Trump Media’s value from its post-merger high.
However, the stock remained well below its intraday high of $79.38 per share when it listed on the Nasdaq.