Investors in New Zealand's jetpack developer Martin Aircraft are on a very wild ride.

Shares in Martin Aircraft, which were listed on the Australian Securities Exchange just one week ago at 40 cents each, hit a high of $3.15 in early trading today

That's 80 per cent above the closing price yesterday of $1.75.

But at the close of trade today, Martin Aircraft had given away all its gains and was 10 cents lower at $1.65.

At one point, the stock descended to $1.57.

Yesterday the company announced a loss of $3 million for the half year ended December 31 after making a significant investment in research and development and on preparations for the share market listing.