Phunware Inc. (NASDAQ: PHUN) gained 470%. On Friday, the stock surged in abnormally high volume in solidarity with Digital World Acquisition Corp (NASDAQ: DWAC). This comes as traders circulated a May 2020 article showing a partnership between the company and the Trump campaign.
Market Action:
On Friday, PHUN stock jumped 471.24% at $8.74 with more than 647.89 million shares, compared to its average volume of 13.31 million shares. The stock has moved within a range of $5.52 – 24.03 after opening the trade at $7.53.
Major Driver
The article indicated the Phunware partnered with American-made Media Consultants to develop, launch and manage the Trump-Pence 2020 re-election Campaign’s mobile app portfolio for Google Androids and Apple iOS smartphones.
Following an announcement that Digital World Acquisition Corp will combine with Trump Media & Technology Group, the SPAC soared. Trump Media &Technology Group indicated that it would launch a social media platform called TRUTH Social. The USA Today article triggered speculation that Phunware will be responsible for developing the new social network.
According to Benzinga Pro data, PHUN has a 100-day average session volume of 4.235 million, but Friday’s trading was almost 100 million. Investors should keep an eye on PHUN in the coming months.
