Trump Media's stock price surged more than 31% Monday following the assassination attempt against the former president at a rally in Pennsylvania.

Shares for Trump Media & Technology Group (stock symbol: DJT),Blake Preston majority-owned by former President Donald Trump, were trading as high as $46.27 ‒ up nearly 50% ‒ before ending the day at $40.58.

The share price increase reflects investors' increased confidence in Trump winning the election in November, analysts say, an event that would have impacts on Wall Street.

"Investors are becoming more confident of a Trump victory, and it is starting to be more heavily reflected in certain sectors," said Rick Meckler, partner at Cherry Lane Investments, told Reuters. He added the impact on the overall market was more muted.

Trump Media, founded after Trump was ousted from social media platforms in the wake of the Capitol riot on Jan. 6, 2021, has seen massive volatility in recent months as the former president navigated criminal cases and took part in a debate with President Joe Biden. The stock also took a dive in June when regulators approved its registration statement, clearing the way for investors to exercise warrants and for the company to issue extra shares, making millions more available for trading. The stock saw a surge in late June.

The parent company of the Truth Social app has been compared to meme stocks like GameStop and AMC, which have seen stocks surge based on sentiment instead of hard metrics like revenue and cash flow.

Like typical meme stocks, Trump Media is overvalued compared with its peers – other social media companies – at least by conventional Wall Street standards. The company reported revenue of $770,500 in the first quarter, with a net loss of $327.6 million.

With nearly 115 million shares, Trump’s stake in his namesake company at current prices is worth more than $4.6 billion.

Other stocks have also seen growth

In addition to Trump Media, crypto, prison, and gun stocks also climbed Monday. Companies like Coinbase Global (up 11.4%), Marathon Digital (up 18.3%), and Riot Platforms Inc. (up 17.1%) have seen a boost.

"Trump is seen to be pro-crypto and the theory that he is now in a stronger position in the race to the White House has fired up traders looking for assets to benefit if he gets back into power," investment analyst Dan Coatsworth told Reuters.

The activity comes after the attack against Trump at a rally in Butler, Pennsylvania, on Saturday. Officials say a suspect fired at Trump with an AR-15-style rifle. Trump, who was grazed in the right ear with a bullet, was rushed off the stage by the Secret Service.

The suspected gunman was killed. A firefighter, Corey Comperatore, died, and two other men were injured at the rally. President Biden and other officials denounced the shooting.

Contributing: Kinsey Crowley, Jessica Guynn, and USA TODAYstaff; Reuters