Trump Media & Technology Group (NASDAQ: DJT) stock could become a hot buy after Donald Trump's election win last week. As the former president heads back to the Oval Office next year, there could be a lot more excitement around Trump Media stock and anything related to the Trump brand.

If there's also more traffic on Trump Media's social media platform Truth Social and its recently launched streaming service Truth+, investors could see improved results for the company. Is the stage set for this volatile stock to get back to the highs it reached earlier this year?

Trading volumes in Trump Media have been picking up

Earlier this year, Trump Media stock was rising in value as hopes appeared to be growing that Trump might win the election, and it was falling when that excitement seemed to be waning. Now that he won, a wave of bullishness could be ignited, leading to a more prolonged rally. Interest does appear to be picking up, as the trading volume of Trump Media stock increased significantly in recent days.

DJT Volume data by YCharts.

The big question is whether the social media stock will trade like a cryptocurrency and become a gauge of Trump's overall popularity (and perhaps approval as president), or if its valuation will ultimately depend on how strong and successful the underlying business is. If it's the former, the possibility exists that the stock will hit its high of $79.38, but if it's the latter, that may be a less likely scenario.

Trump Media is still a risky investment

On Election Day, Trump Media posted its most recent quarterly results. The company, which owns Truth Social, reported net sales of just over $1 million for the period ending Sept. 30, which was a 6% decline year over year. That's not what you would expect for a growing business.

Its operating loss swelled to $23.7 million from just $3 million in the same period a year earlier. The company's general and administrative expenses jumped from $1.5 million in the prior-year period to $17.7 million this quarter, as Trump Media experienced an increase in legal, software, accounting, and finance fees.

The timing of the underwhelming results may have been convenient, as Trump Media's earnings weren't the biggest Trump-related news on the day. But the numbers are important to consider, nonetheless, as they underscore the risk that comes with investing in the business. If Trump Media's expenses are increasing significantly and it's not able to generate meaningful growth, it could be difficult to see the stock rise in value, based on its fundamentals, or be optimistic about its future growth prospects.

Should you buy Trump Media stock?

Trump Media may seem like a stock that should benefit from Trump's election win, but that's by no means a sure thing. In the days following the election, the stock dropped in value by a few dollars per share.

How it performs from here can be difficult to predict. It's been trading more like a cryptocurrency and speculative buy than a typical stock this year. It's difficult to justify the stock's market cap of $6.6 billion based on its financial performance and growth prospects.

Trump Media stock may get back to its highs, but if it does, it likely won't be because the business has been generating strong results — it'll be due to speculation. That's why I wouldn't suggest buying the stock, as it's a highly risky investment with an uncertain future.