Newsmax Inc. (NMAX) shares soared 5.71% in after-hours trading on Wednesday, extending the stock's rollercoaster ride since its initial public offering earlier this week. The conservative media outlet has experienced extreme price swings that have drawn comparisons to meme stock trading patterns.

The after-hours surge comes on the heels of a dramatic pullback during Wednesday's regular session, where Newsmax shares plunged over 60% from the previous day's close. This decline followed an astonishing two-day rally that saw the stock skyrocket more than 2,200% from its IPO price of $10 per share.

Analysts and market observers have expressed concerns about Newsmax's lofty valuation relative to its fundamentals. The company's market capitalization briefly surpassed that of media giant Fox Corp., despite Newsmax reporting only $156 million in trailing 12-month sales. This discrepancy has led some experts to caution that the stock may be significantly overvalued.

The extreme volatility in Newsmax shares has been attributed to several factors, including retail investor enthusiasm, the company's conservative media positioning, and its ties to former President Donald Trump. As the stock continues to experience wild swings, investors are advised to exercise caution and carefully consider the risks associated with such volatile trading patterns.