Shares of the media company were recently off some 65% to $80, plummeting in their third session as a publicly traded company. Newsmax ( NMAX) went public Monday —its IPO price was $10, and it opened at $14—to kick off a dramatic upward run. The stock finished yesterday at $233 after slipping from intraday highs of $265.

Newsmax went public this week, and the low volume of shares available to trade has exacerbated the impact of high demand, sending the stock soaring.

Newsmax (NMAX) stock dropped roughly 68% Wednesday afternoon, partially reversing a massive post-IPO surge that saw shares soar from $14 to $233. The stock's spiral sent Newsmax's market cap down to $6.

Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.

Shares of conservative news outlet Newsmax jumped over 18% before the bell on Tuesday, extending the stock's gains a day after its stunning debut on the New York Stock Exchange. The stock's premarket price of $99 is nearly 10 times its IPO price of $10,