What's Going On With Trump Media & Technology Stock?

Erica Kollmann

August 21, 2024

Trump Media & Technology Group Corp. (NASDAQ:DJT) is experiencing heavy trading volume Wednesday and trending across social media as investors pile into the stock. The stock has seen continued volatility during Donald Trump‘s campaign.

Possible RFK Campaign Shakeup:

Trump Media stock frequently moves on developments surrounding Donald Trump, and investors may be reacting to comments made by Robert F. Kennedy Jr.'s running-mate, Nicole Shanahan, yesterday in an interview on the "Impact Theory" podcast.

Read Next: Microchip Technology Stock Dips After Cybersecurity Incident

In the interview, Shanahan floated the possibility of suspending Kennedy's independent presidential campaign and endorsing Trump's candidacy. Such a move would support Trump's campaign by preventing a possible divide among conservative voters ahead of the 2024 General Election.

"There's two options that we're looking at and one is staying in, forming that new party, but we run the risk of a Kamala Harris and Walz presidency because we draw votes from Trump, or we draw somehow more votes from Trump," Shanahan said in the interview. "Or we walk away right now and join forces with … Donald Trump."

What Else:

Donald Trump is scheduled to host a rally on Wednesday at 2:00 p.m. ET in North Carolina. Trump’s statement in a post on Truth Social indicated that he will be delivering remarks on national security.

Additionally, the Democratic National Convention continues this week in Chicago with Presidential nominee Vice President Harris scheduled to deliver her acceptance speech on Thursday night.

According to data from Benzinga Pro, Trump Media stock is down around 30% over the past month following a rally after Trump survived an assassination attempt on July 13.

DJT Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Trump Media & Technology, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

DJT Price Action: According to Benzinga Pro, Trump Media & Technology Group shares are up 14.1% at $24.43 at the time of publication Wednesday.

Read Also: What’s Going On With Nano Nuclear Energy Stock?

Image: Shutterstock

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