Phunware Inc (NASDAQ: PHUN) has dominated headlines Friday, with the stock trading up more than 500% over the last two sessions.
The company runs a fully integrated cloud platform that provides data, solutions and products in a mobile-first environment.
Notably, Phunware created and designed former President Donald Trump’s 2020 reelection campaign app. The company was able to integrate key data solutions, such as letting Trump’s campaign communicate directly with the app’s more than 2 million users, more than any other presidential campaign app.
The stock absolutely soared and hit a high of near $18 on Friday, after the stock opened the week at $1.03. The stock jumped as Digital World Acquisition Corp (NASDAQ: DWAC) skyrocketed on news that the company would be merging with Trump’s new social media venture called “The Truth.”
There is no known business connection between DWAC and Phunware, other than the fact that Trump is linked to both companies.
Randall Crowder, Phunware’s chief operating officer, told Benzinga in an email he thinks there are other reasons people are buying Phunware’s stock.
“I think people are excited about Phunware because we expect to deliver not only quarter over quarter growth of 50% in Q3 and over 100% in Q4,” Crowder said. “But also the future of contextual engagement in a mobile-first world and a truly decentralized data economy built on blockchain.”
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