Phunware Inc. (NASDAQ: PHUN) stock surged by 471.24% at last close while the PHUN stock price gains by 3.89% in the pre-market trading session. Phunware, created in 2009, is a company that deals with mobile applications, location tracking, blockchain, and advertising software and is located in Austin, Texas.
PHUN stock’ Current Update
Phunware Inc. has been the talk of the town on Friday, as the stock price has been surging up by more than 500% in the previous two sessions. In a technology-based environment, the firm runs a completely integrated cloud platform that delivers data, services, and products. Phunware established a collaboration with American Made Media Consultants for “the creation, launch, and continuing administration of the Trump-Pence 2020 Re-election Campaign’s mobile application portfolio for Apple iOS and Google Android devices,” according to a USA Today report.
The firm was able to incorporate important data solutions, such as allowing Trump’s campaign to engage directly with the app’s over 2 million users, which is the most of any re-election campaign app.
After beginning the week at $1.03, the stock rocketed to a high of around $18 on Friday. The stock soared after it was announced that Digital World Acquisition Corp. would be combining with Trump’s new social media endeavor, “The Truth.” Apart from the reason that Trump is tied to both firms, there is no known economic relationship between DWAC and Phunware.
However,
Phunware’s chief operating officer, Randall Crowder, informed Benzinga through an email that he believes there are other reasons why people are purchasing the stock. According to him, people are enthusiastic about Phunware because they plan to expand by 50% in the third quarter and over 100% in the fourth quarter. As well as the future of contextual interaction in a mobile-first society and a blockchain-based genuinely decentralized data economy.
Recent Past Development
Phunware Inc. revealed the acquisition of privately-held Lyte Technology that is a rapid manufacturer of high-performance computer systems, for $3.32 million in cash and non-dilutive debt. According to recently announced revenue projections, the Company anticipates net sales to reach $5 million in the fourth quarter of fiscal 2021.
