Phunware Stock (PHUN): Why The Price Increased Today

By Amit Chowdhry ● Jan 11, 2022
  • The stock price of Phunware Inc (NASDAQ: PHUN) increased by 5.99% today. This is why it happened.

The stock price of Phunware Inc (NASDAQ: PHUN) increased by 5.99% today. Investors appear to be responding to a sympathy play associated with the stock price of Digital World Acquisition (DWAC) going up. 

Digital World Acquisition is a special purpose acquisition company (SPAC) that is taking Trump Media & Technology Group (TMTG) public through a reverse merger. There were no company-specific reports or notable filings that led to the stock price increase. But it appears that an interview by FOX News with Trump Media & Technology Group CEO Devin Nunes drove up the price.

What does this have to do with Phunware?

Phunware has been associated with the Trump campaign in the past. For Trump’s 2020 campaign, Phunware had partnered with American Made Media Consultants to develop The Official Trump 2020 App. 

Due to this association, stock price changes in Digital World Acquisition have also been influencing what happens with Phunware since October.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.