Shares of Trump media jumped greater than 17% on Thursday, maintaining momentum in a rally that has recouped a few of the Truth Social operator's steep losses from a recent week-long selloff.
DJT stock closed at $24.12 a share, greater than double the worth of $11.75 it hit at an intraday trading low just over two weeks ago.
Trump Media (DJT) stock price.
The increase got here amid little positive news concerning the company, but coincided with some recent polls on the presidential election and other indicators that allies of former President Donald Trump, its majority shareholder, viewed as positive signs.
Many analysts have described Trump Media as a meme stock largely bought and sold by Trump fans who view investing in the corporate as a technique to support the Republican presidential candidate and boost his possibilities of winning the White House bet.
“It has nothing to do with fundamentals,” said Anne Stevenson-Yang, founder and research director at short seller J Capital Research, in an interview with CNBC.
“This is all a bet on Trump,” she said.
The latest surge got here during a really intense trading session that had already surpassed Trump Media's 30-day average volume — about 15.1 million shares, based on FactSet — lower than an hour after the market opened.
More than 43 million shares of Trump Media modified hands on Thursday.
The gains gave Trump Media its fifth positive day of six. That put the corporate on target for its best week since late March, when it had just gone public after completing a merger with a blank-check company.
The latest surge marks the top of a months-long decline that worn out greater than 80% of Trump Media's value from its post-merger highs.
However, the stock price remained well below its intraday high of $79.38 per share, which it reached in its Nasdaq debut.
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