Phunware Makes Great New Highs Even With No News

Phunware gained after seeing significant volatility in the broader market. The company’s shares ended the day up 12.5%. There’s no news to report, but stocks related to former President Donald Trump made big gains on Tuesday. Digital World Acquisition, for instance, jumped 21.8% after announcing that it would merge with another company. Trump 2020 mobile app and other IT solutions have been developed by Phuware. Investors rely on security provisions for the campaigns and other incentives provided by Phunware.


Despite the lack of evidence that Truth Social will use Phunware’s services, the company’s stock has gained significantly in conjunction with the merger of Digital World Acquisition. With a market cap of about $312 million, PHUN is valued significantly higher than it was a couple of years ago. It’s still unknown if Trump Media & Technology Group, which is the parent company of Truth Social, is a customer of the company or not. There’s one thing to consider, which is that Truth Social is powered by the Mastodon open-source code, which could make it more challenging for Phunware to secure a major client.