Phunware (NASDAQ:PHUN) stock is falling on Wednesday after the software platform company’s shares underwent a major rally on Tuesday.
The rally of PHUN stock on Tuesday saw its shares close out normal trading hours up 453.5%. That came alongside some 1.5 billion shares of the stock changing hands. For the record, its daily average trading volume is well below that at roughly 30.5 million shares.
The massive interest in PHUN stock yesterday came alongside former President Donald Trump’s win of the Republican caucus in Iowa. Phunware is a company that’s been connected to the former President and this connection is likely what caused yesterday’s rally.
PHUN Stock Movement Today
With the excitement from that news wearing off, it makes sense that PHUN stock would give up some of its gains from yesterday. That has the company’s stock down 61.4% during pre-market trading on Wednesday morning.
To follow up on trading activity for PHUN stock, some 43 million shares have been traded as of this writing. Investors will note that it’s already higher than the previously-mentioned daily average trading volume for the shares.
With 2024 being a presidential election year and Trump running for office, we could see more activity out of PHUN stock this year. That means the stock may be more volatile than normal until that race is complete.
Investors searching for more of the most recent stock market stories are going to want to keep reading!
We have all of the hottest stock market news traders need to know about on Wednesday! A few examples include what’s going on with shares of RiskOn International (NASDAQ:ROI) and Meta Materials (NASDAQ:MMAT) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Wednesday Stock Market News
- Why Is RiskOn International (ROI) Stock Up 15% Today?
- Why Is Meta Materials (MMAT) Stock Up 38% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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On the date of publication, William White did not have (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.
