MW Phunware's stock soars on Donald Trump's election victory

By James Rogers

Shares of mobile-advertising company Phunware have soared in recent weeks

Shares of Donald Trump-related mobile-advertising company Phunware Inc. are up 27.8% in premarket trades after the Republican former president defeated his Democratic rival Vice President Kamala Harris in the U.S. election.

Like Trump Media & Technology Group Corp. $(DJT)$, which operates Trump's Truth Social social-media platform, and is seen as a proxy for the former president's election campaign, shares of Phunware $(PHUN)$ have soared in recent weeks. The Austin, Texas-based company developed and launched a mobile app for Trump's 2020 re-election campaign, and, earlier this week announced a deal to acquire a controlling stake in MyCanvass.

Technology company MyCanvass provides voter- and advocacy-engagement tools, including mobile apps, and is a subsidiary of Campaign Nucleus, a software-as-a-service platform founded by Brad Parscale, the digital director of Trump's 2016 campaign and the manager of his 2020 campaign.

Related: On Election Day, Trump-linked Phunware's stock slides

Phunware and Campaign Nucleus plan to use MyCanvass as the foundation of a partnership focused on developing artificial-intelligence-powered canvassing, Phunware added. Campaign Nucleus is providing services for Trump's 2024 campaign.

Shares of Phunware are up 85.2% in the last three months, outpacing Trump Media's 32% gain. The stock is up 55.4% in 2024, compared with Trump Media's gain of 93.9%.

Phunware has had a busy few weeks, recently announcing the retirement of Chief Executive Mike Snavely, just over a week after he gave a business update and announced the development of a new generative-AI platform. Earlier this week Phunware said Chief Financial Officer Troy Reisner is stepping down.

Related: Trump-linked Phunware continues to rally as America heads to the polls

The mobile-advertising company will report third-quarter results after market close Thursday, Phunware said Monday. On Tuesday, Phunware announced that Rahul Mewawalla, the CEO of Mawson Infrastructure Group Inc., is the new chair of Phunware's board.

-James Rogers

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November 06, 2024 07:33 ET (12:33 GMT)

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