Shares of Trump Media & Technology lost steam in afternoon trading on Tuesday, with traders analyzing operator Truth Social's business prospects depending on who prevails in the presidential election.

The stock, which trades under the ticker symbol DJT – former President Donald Trump's initials – is also seen as an indicator of the Republican candidate's prospects of retaking the White House. Wall Street research firms rated the stock as a stock to watch as of Tuesday.

Shares were last down about 4% midday after the stop. There was a lot of activity at Trump Media, with the stock on track to more than double its average daily trading volume over the last 30 days. At one point in Tuesday's session, the stock was trading about 15% higher.

Year to date, Trump Media, which is majority owned by Trump, is up nearly 90%. However, it has struggled recently as Vice President Kamala Harris appeared to be gaining momentum ahead of Election Day. Shares have plunged 36% over the past week, although they rose 12% on Monday.

“We act like this GameStop I’m on steroids right now,” Jay Woods, chief global strategist at Freedom Capital Markets, said on CNBC on Monday.

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

Trump Media shares saw huge inflows from retailers in the week before the election. It was also the most discussed stock on Reddit page WallStreetBets, gaining popularity during 2021's stock meme fad fueled by GameStop.

Although the stock is seen as a way to invest in a Trump victory, the election is considered a close race as Americans go to the polls on Tuesday.

— With reporting by Kevin Breuninger and Alex Harring.

Correction: Jay Woods is chief global strategist at Freedom Capital Markets. An earlier version misstated its title.