Trump Media & Technology Group is one of the most actively traded U.S. stocks, yet Wall Street’s equity analysts are staying clear.
Shares of the company that operates former U.S. President Donald Trump’s social media app Truth Social listed last month on the Nasdaq.
An army of Trump supporters and speculators have snapped up the stock, giving it a market value of about $4.9 billion.
Yet there are still no widely distributed analyst notes from brokerages for it, unlike social media peers with smaller valuations that are covered by several brokerages, including Nextdoor, Bumble and Grindr.
Widely considered a meme stock by finance news outlets, due to the massive disconnect between revenue and valuation, Trump Media shares have plunged to about half their value at the Nasdaq debut.
No analyst note on the company has surfaced thus far. JPMorgan Chase, Bank of America and Barclays Plc are among the top brokerages that told Reuters they were not covering TMTG. None of them provided a reason. Read more.
