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Trump Media & Technology Group (NASDAQ:DJT) plunged 51.21% in the past six months and 24.72% in just the last month — living up to its "meme stock" status.
The latest jolt came after an apparent assassination attempt on Ex-President Donald Trump at his West Palm Beach golf course.
Trump, who still holds a majority stake in the company, was unharmed. However, the incident adds more volatility to an already turbulent stock.
Read Also: Man Accused In Trump Assassination Attempt Could Face 15 Years For Federal Gun Crimes: What’s Next
Shares briefly ticked up on Monday before giving up ground, dropping by about 4% to $17.28 at last check Monday.
Technically, things look grim for the meme stock.
Chart created using Benzinga Pro
The stock's price of $17.39 is far below its 20-day SMA of $19.49 and even deeper under its 50-day SMA of $25.65.
Chart created using Benzinga Pro
Add in a MACD indicator of a negative 2.52 and an RSI of 36.38, and the signal is clear: Trump Media is in bear territory. Despite a recent bump after Trump announced he won't be selling his shares, the stock quickly fell back to reality.
Insiders at Trump Media are gearing up for the expiration of the lock-up period on Sept. 19. This could unleash a wave of selling from those who've been locked out, putting even more downward pressure on the stock.
The twice-impeached former president has vowed to hold onto his shares. Other insiders, meanwhile, may not be as committed, potentially making Trump Media stock even more volatile.
The stock's rocky ride isn't just a case of bad timing or market sentiment. The company reported a 30% drop in second-quarter revenue, bringing in just $836,900, while the company's losses narrowed to $16.4 million from a year earlier.
Trump Media is also facing operational headwinds that even his presence may not be able to fix.
As Trump Media continues its meme stock journey, investors are likely wondering if the narrative surrounding Trump and his media empire will ever translate into a more stable future.
For now, the Trump Media chart looks more like a political thriller than a success story.
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Image: Midjourney
Posted In: DJT
