Why Is Phunware (PHUN) Stock Down 12% Today?


  • Phunware (PHUN) stock is falling on Wednesday despite a victory for former President Donald Trump.
  • Trump beat out Nikki Haley in the New Hampshire GOP primary.
  • However, investors seem to have been hoping for a larger margin of victory for the candidate.
PHUN Stock - Why Is Phunware (PHUN) Stock Down 12% Today?

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Phunware (NASDAQ:PHUN) stock is falling on Wednesday even after former President Donald Trump won the New Hampshire GOP primary.

While that should be good news for PHUN stock (which has been tied to Trump), shares are still falling today. This likely has to do with the margin of victory that the former president secured over his rival.

Indeed, competing GOP candidate Nikki Haley lost against Trump by 11 points. It seems that investors in PHUN stock may have been hoping for more of a blowout victory for Trump against Haley.

What’s Next for PHUN Stock?

Considering that the 2024 presidential election is still ongoing, Phunware stock is likely going to be active throughout the year. Investors can expect to see more volatility from the shares as additional updates on Trump’s campaign come out.

That means we may see major movement from Phunware when the final results of the election are revealed. This could be a positive or negative catalyst for PHUN stock, depending on how Trump does if he goes up against President Joe Biden later this year.

With the latest Trump update comes heavy trading of PHUN stock today. That has more than 183 million shares changing hands as of this writing. For the record, the stock’s daily average trading volume is about 79.8 million shares.

PHUN stock is down 11.9% as of Wednesday morning.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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