Shares of Trump media and technology lost steam in afternoon trading on Tuesday as Election Day dragged on.

The stock, which trades under the ticker DJT — former President Donald Trump’s initials — is seen as a possible proxy for the Republican candidate’s prospects to retake the White House. Wall Street research firms listed the stock as one to watch heading into Tuesday. Traders are also analyzing the Truth Social operator’s business prospects depending on who prevails in the presidential election.

Shares last rose about 4.8% around midday after briefly halting trading due to volatility. Earlier in the session, it was up as much as 15% before giving up those gains and turning red at one point. The action in Trump Media was fierce, with the stock more than doubling its average daily trading volume over the past 30 days.

To be fair, the stock price is not necessarily purely a matter of whether Trump wins. The stock has already risen considerably this year and can be influenced by other factors, such as profit taking.

Trump Media, which Trump owns a majority stake in, is up nearly 90% in 2024. But it has struggled lately as Vice President Kamala Harris appeared to gain momentum ahead of Election Day. Shares have tumbled 36% in the past week, despite a 12% jump on Monday.

“We’re trading this as GameStop on steroids right now,” Jay Woods, chief investment strategist at Freedom Capital Markets, said on CNBC on Monday.

“And you know, kudos to those who make money trading it. But in the long run, the stats don’t make any sense,” Woods added.

Trump Media stock has seen a huge influx of retail traders in the week leading up to the election. It’s also the most talked about stock on Reddit page WallStreetBets, which gained popularity during the GameStop-fueled stock meme craze of 2021.

While the stock is seen as a way to invest in a Trump victory, the election is considered neck-and-neck as Americans head to the polls on Tuesday.

— With reporting by Kevin Breuninger.

Correction: Jay Woods is chief strategist at Freedom Capital Markets. An earlier version incorrectly displayed his title.