Shares of Trump Media DJT are rising on Election Day as traders bet a possible victory by the GOP candidate will boost business

Shares of Trump Media & Technology rose on Election Day on Tuesday, with traders betting that a second Trump presidency would boost the Truth Social operator's business prospects.

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 up about 12.5% ​​in morning trading.

So far this year, revenue at Trump Media, which is majority owned by Trump, has almost doubled. However, it has struggled recently as Vice President Kamala Harris appeared to be gaining momentum ahead of Election Day. Shares have plunged 33% in the past week. But the stock 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 stock saw huge inflows from retail traders in the week leading up to the election and was the most discussed stock on Reddit page WallStreetBets, gaining popularity during 2021's GameStop-fueled stock meme fad.

Despite the wild swings in DJT stock, the latest NBC News poll shows Trump and Harris neck and neck, with both candidates supported by 49% of voters.

— 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.