Trump Media & Technology Group Corp. experienced a significant decline in its stock price on November 17, 2023, reaching a new 52-week low during mid-day trading. The company’s shares fell to as low as $10.47 before closing at $10.85, reflecting a trading volume of 9,913,202 shares. This drop followed the sale of shares by Eric Swider, a director at the company, who sold 5,200 shares at an average price of $10.59, amounting to a total transaction value of $55,068. After this transaction, Swider holds 18,841 shares, valued at approximately $199,526.19, indicating a 21.63% reduction in his stake.
The sale was disclosed in a document filed with the Securities and Exchange Commission, which is available for public review.
Analysts and Market Performance
In conjunction with the stock’s decline, analysts have expressed skepticism regarding the company’s future performance. According to a research note by Weiss Ratings, the stock has been restated with a “sell (e+)” rating. Currently, one research analyst rates the stock as a Sell, leading to an average rating of “Sell” for Trump Media & Technology Group, as reported by MarketBeat.
As of the latest trading session, the company’s stock has decreased by 4.5%. Trump Media & Technology Group holds a market capitalization of $2.88 billion, with a price-to-earnings (P/E) ratio of -17.44. The stock exhibits a beta of 4.56, suggesting high volatility. Additionally, the company reports a debt-to-equity ratio of 0.42 and impressively high current and quick ratios, both standing at 42.78.
Institutional Investor Activity
Recent trading activity among institutional investors indicates a mix of increased and decreased positions in Trump Media & Technology Group. Spire Wealth Management significantly increased its holdings by 628.1% during the second quarter, now owning 29,050 shares valued at $524,000. Similarly, Swiss National Bank raised its stake by 6.7%, bringing its total share ownership to 168,100, worth $3,285,000.
Other notable movements include D.A. Davidson & Co., which has established a new position valued at approximately $405,000, and Bank of New York Mellon Corp., which increased its holdings by 19.2%, owning 231,726 shares worth $4,528,000. Vanguard Group Inc. also expanded its position by 2.6%, now holding 9,244,587 shares valued at $180,639,000. Currently, institutional investors own 4.29% of the stock.
Trump Media & Technology Group, founded on March 28, 2024, operates in the social media and technology sectors, with brands including TRUTH Social, TMTG+, and TMTG News. The company is headquartered in Sarasota, FL and remains under scrutiny as it navigates the challenging landscape of media and technology investment.
As the market continues to react to insider trading activities and analyst ratings, the future trajectory of Trump Media & Technology Group will be closely watched by investors and analysts alike.
