Bank of New York Mellon Corp acquired 522,844 shares of Trump Media & Technology Group Corp. (DJT) during the second quarter. The investment is valued at approximately $4.05 million. This purchase gives the banking giant a 0.19% ownership stake in the media company.
Other institutional investors have also reportedly increased their positions in DJT. This trend emerges despite Wall Street Zen recently issuing a strong sell rating. Weiss Ratings also downgraded the stock during the same period.
The consensus rating among polled investment analysts currently remains Sell. Markets are now monitoring the impact of new institutional backing against this prevailing negative sentiment.