The post Trump Media shorts plummet as DJT stock soars 90% appeared on BitcoinEthereumNews.com.

Trump Media (NASDAQ: DJT) stock short interest has been a somewhat controversial topic ever since a clerical error gave rise to the appearance of a conspiracy ahead of the July 13 assassination attempt. Even after the mistake was uncovered and any notion of conspiracy was proven false, short positions against the media company continued rising. In the early days of the Harris campaign, Trump was expected to have a far tougher fight than against President Joe Biden. More recently, DJT shares have been rocketing, and perhaps unsurprisingly, the latest short volume data reveals a sharp decline in investors’ appetite to bet against the stock. Specifically, data retrieved by Finbold on the morning of October 15 reveals that between October 11 and October 14, DJT’s short volume fell from 13,125,051 to 11,286,606. The short volume ratio collapsed from 61.29% to 37.46% – the lowest percentage in the ongoing month. Daily DJT short volume in October. Source: Fintel Simultaneously, Trump Media has been undergoing a stock market rally. In the last 30 days, DJT is up 92.87% and has experienced a strong opening on Tuesday, October 15, as it surged 11.28% within the first 30 minutes after the bell to $33.33. DJT stock 1-month price chart. Source: Finbold This rise has managed to flop Trump Media shares from being decisively in the red in the year-to-date (YTD) chart just over a month ago, to being more than 90% in the green in the same time frame at press time. Indeed, any investor who bought $1,000 of the stock would have doubled their money. By all accounts, the rally is driven by the increased odds of the Republican Candidate winning the November elections. After a strong start – partially driven by euphoria over Biden being out of the game – the Harris campaign…

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Filed under: News - @ October 15, 2024 3:28 pm