Newsmax's stock took flight immediately following its IPO, soaring as much as 2,230% by Tuesday. Yesterday, however, shares of Newsmax plummeted 77%.

A destination for political conservatives, the Boca Raton, Fla.-based news operation surges after its initial public offering.

The company later saw a sharp correction, plunging 79% on its third day as a publicly traded stock. It has now caught the attention of bearish investors, who are betting against its future performance