Trump Media & Technology Group Corp. (NASDAQ:DJT) shares are trading lower Monday amid the expiration of a major lockup period that prevented large shareholders, including Donald Trump, from selling shares. Also, Trump has rejected a second debate with Vice President Kamala Harris.
The Details:
TMTG shares have fallen more than 25% following last week's expiration of the lockup period for many large shareholders of the stock. Trump has indicated on multiple occasions that he will not be selling his shares. However, other large investors, including ARC Global registered shares for sale back in April, may now sell shares if they so choose.
Additionally, Vice President Harris accepted CNN's invitation for a second debate over the weekend, while Trump reiterated his previous position that there would not be another debate before voters go to the polls in November.
Trump appears to be losing his lead in the Presidential race, as a slew of recent polls show former Vice President Harris gaining in several key states.
According to data from Benzinga Pro, Trump Media & Technology shares are trading well-below the stock's 50-day moving average of $24.80 and have dropped more than 75% since the stock's debut in March.
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. For Trump Media & Technology, the 200-day moving average sits at $33.96, according to Benzinga Pro, which is above the current price of $12.71. For more on charts and trend lines, see a description here.
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 down 6.17% at $12.71 at the time of publication Monday.
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