What Happened With Trump Media & Technology Group Stock Today?
Trump Media & Technology Group Corp. (NASDAQ:DJT) shares traded higher Monday. President Joe Biden told congressional Democrats that he will continue his reelection campaign in a letter on Monday.
The Details
In a letter to Democrats in Congress, President Biden said that he remains fully committed to continuing his presidential campaign despite concerns regarding his mental fitness and ability to beat Donald Trump in the election.
"I want you to know that despite all the speculation in the press and elsewhere, I am firmly committed to staying in this race, to running this race to the end, and to beating Donald Trump," Biden wrote.
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Biden's letter to Democrats comes as he attempts to unite the party behind his campaign before the Democratic National Convention, scheduled to begin Aug. 19 in Chicago.
"It's time to come together, move forward as a unified party, and defeat Donald Trump," Biden wrote.
Republicans will gather next week in Milwaukee for the Republican National Convention where the party will officially nominate its candidate for President, presumptively Trump after he crossed the majority delegate threshold necessary for the nomination back in March.
Trump Media & Technology stock rose following reports of Biden's letter to Democrats, possibly because investors view Biden remaining in the race as good news for Trump's campaign. According to Covers, the odds of Trump winning the 2024 election stand at -175 with an implied probability of 63%.
According to data from Benzinga Pro, Trump Media & Technology shares are trading below the stock’s 50-day moving average of $42.96 and are down 32% over the past month.
Should I Sell My DJT Stock?
When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.
Shares of Trump Media & Technology have increased by 125.43% in the past year. An investor who bought shares of Trump Media & Technology at the beginning of the year would have made a profit of $12.87 per share if they sold it today. The stock has fallen 27.96% over the past month, meaning an investor who bought shares on June 1 would see a capital loss of $16.42.
Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Trump Media & Technology stock currently has an RSI of 26.27, indicating oversold conditions.
For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.
DJT Price Action: According to Benzinga Pro, Trump Media & Technology Group shares ended Monday's session 3.94% higher at $30.32.
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