Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0796
    +0.0002 (+0.02%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2635
    +0.0013 (+0.10%)
     
  • USD/JPY

    151.2440
    -0.1280 (-0.08%)
     
  • Bitcoin USD

    69,179.62
    -2,105.83 (-2.95%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Why Phunware Shares Are Soaring Today

Phunware Inc (NASDAQ: PHUN) is surging on abnormally high volume Friday in sympathy with Digital World Acquisition Corp (NASDAQ: DWAC) as traders circulate an article from May 2020 highlighting a partnership between Phunware and the former Trump campaign.

According to the USA Today article, Phunware announced a partnership with American Made Media Consultants for "the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign’s mobile application portfolio for Apple iOS and Google Android smartphones."

Digital World Acquisition Corp soared following the announcement that the SPAC will merge with Trump Media & Technology Group.

Trump Media & Technology Group said it plans to launch a new social network called TRUTH Social.

Related Link: Making SPACs Great Again? Trump Stock DWAC Surges 356%, Shines Attention On Out-Of-Favor Sector

The USA Today article has sparked speculation that Phunware could be involved with the development of the new social network.

Phunware's average session volume is 3.235 million over a 100-day period. Friday's trading volume was already approaching 100 million at publication time, according to data from Benzinga Pro.

Phunware operates a software platform for mobile that provides companies with the products, solutions and data and services necessary to engage, manage and monetize its mobile application audiences.

PHUN Price Action: Phunware is making new 52-week highs on Friday.

The stock was up 355.60% at $6.98 at time of publication.

Photo: courtesy of Phunware.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement