Phunware, Inc. (PHUN) is fluctuating in price-Why? – News Heater
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Phunware, Inc. (PHUN) is fluctuating in price-Why?

With more than 14.01 million shares traded, PHUN rose 0.26 percent to $3.91, compared to an average volume of 26.95 million. After opening at $3.93, the stock has traded in a range of $3.8600 to 4.0400.

Stock of the “original” meme As Trump’s zeal wanes, Phunware is expected to report

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Phunware (PHUN) may have lost some of its allure as a potential Trump media partner, but its stock remains elevated as it prepares to release earnings after the bell. After SPAC Digital World Acquisition (DWAC) announced its acquisition to become the home of Trump Media & Technology Group, PHUN jumped more than 1,500 percent to an intraday high of $24 and an eventual closing high of $8.74. Traders took notice of Phunware’s (PHUN) ties to Donald Trump, which led to the company developing an app for the former president’s re-election campaign.

The Associated Press reported in November that Trump’s re-election campaign in 2020 was aided by an app developed by a “financially distressed” company that “has received major backing from the administration and the president’s campaign.”

So yet, nothing has come of such linkages, and shares have lost the majority of their gains as interest in PHUN’s Trump ties, as well as DWAC in general, has diminished.

According to statistics from Quiver Quantitative, PHUN received only two mentions on the WallStreetBets subreddit yesterday, whereas DWAC received 25. Phunware’s (PHUN) bitcoin (BTC-USD) holdings have also sparked curiosity.

Last week, it paid $6.2 million for 100 bitcoins, raising its total holdings to around 127 BTC. It has received an average price of $61K, which is not far from the highs. While the stock has fallen from its recent highs, it is still up 250 percent since the DWAC announcement.

Third Quarter 2021 Results

The quarter’s net revenues were $2.2 million. Platform Subscriptions and Services for Multiscreen-as-a-Service (MaaS) The total revenue was $1.8 million. The company’s net income was $0.4 million. The company’s net income per share was $0.01. The loss in Non-GAAP Adjusted EBITDA was $(2.5) million.

Quarterly net revenues fell by 29% year over year to $2.2 million, falling short of the $2.6 million average projection. The revenue drop was mostly due to a 38.1 percent drop in platform subscriptions and services sales to $1.7 million year over year.

Meanwhile, quarterly earnings of $0.01 per share compare well to a loss of $0.19 per share the previous year and a loss of $0.04 per share predicted by the consensus.

Phunware’s two-day increase reaches 2,189 % as the Trump campaign’s app developer capitalizes on the Digital World excitement

The SPAC Digital World Acquisition revealed plans to join with former President Donald Trump’s newly created Trump Media and Technology Group late Wednesday. On Thursday, DWAC stock rose more than 300 percent as investors rushed into the buzz around Trump’s new social media program, and it was up more than 100 percent in Friday transactions. The stock of Phunware is increasing in response to the move, as investors point out that the software firm was hired by the Trump/Pence re-election campaign to create its app.

Phunware announced earlier this week that it had completed an $11 million purchase of Lyte Technology, a company that sells high-performance PCs for gaming, streaming, and cryptocurrency mining.

Following Friday’s jump, Phunware, which was only worth $79 million on Wednesday, is now worth more than $1.3 billion. On Friday, the stock was halted due to high volatility, and its gains were reduced to 625 percent.

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