Shares of Trump Media experienced a sharp increase of up to 19 percent on Thursday morning, continuing a rally that has helped recoup some of the losses from a recent extended downturn. Following the market’s opening, DJT stock was trading approximately at $24 per share, more than doubling from an intra-day low of $11.75, recorded just over two weeks prior.
The rise in share price aligned with recent presidential election polls and indicators perceived favorably by supporters of former President Donald J. Trump, who holds the majority stake in the company. The uptick occurred during an active trading session, with volume already surpassing Trump Media’s 30-day average of about 15.1 million shares in under an hour, per FactSet. By 11:30 AM ET, over 27 million shares had been exchanged.
This boost sets Trump Media on track for its fifth gain in six sessions, and its strongest week since late March. The company went public via a merger with a blank-check firm, and this momentum has somewhat reversed a prolonged decline that diminished over 80 percent of its value from its peak post-merger.
Analysts have often labeled Trump Media as a “meme stock” influenced by investors who support Trump politically and see investing in the company as a means of backing his presidential bid.