We haven’t heard much from Truth Social (NASDAQ:DJT) lately, but some recent news caught some significant attention. The attention proved a little hotter than investors might like, though, as the social media stock’s shares were down modestly in Thursday afternoon’s trading. One of the biggest revelations is that Truth Social is drawing a lot more attention these days than it did before. Reports note that website traffic is up 55%, reaching 7.74 million visitors in March.
That’s up from around five million visits in February. However, there was a decline in April, as visits dropped to 6.5 million. That’s still up 30% from February, but it makes clear that Truth Social won’t get far by just drawing in crowds. With former President Trump still on trial in several places, a campaign firing up, and two debates with current President Joe Biden scheduled, Truth Social may be able to ride a wave of popularity.
Institutional Investors Take Positions in DJT
Meanwhile, there are signs that institutional investors are joining in the fray. Reports noted that, in the first quarter, both Hudson Bay Capital Management and Morgan Stanley took positions in Truth Social. Geode Capital Management also had a presence. The positions were fairly substantial, with Hudson Bay buying 150,000 shares, Geode taking 102,923, and Morgan Stanley landing 44,346 shares.
Volatility has been the stock’s hallmark for months now, but the potential is certainly there. With signs that short-sellers are being rebuffed thanks to an active campaign against them, those investments may prove a little more effective than first thought.
Is DJT Stock a Good Buy Right Now?
DJT stock continues to have no analysts taking a position one way or the other, so we look to the last five days of trading, which have been busy, but haven’t produced much movement objectively. In fact, DJT shares are down just 0.9% during this timeframe, with several drops emerging, followed quickly by rallies.
