Shares of DatChat (NASDAQ:DATS), Phunware (NASDAQ:PHUN) and Rumble (NASDAQ:RUM) are all in the green following the failed assassination attempt on former President Donald Trump over the weekend.
The shooter, identified as 20-year-old Thomas Matthew Crooks, was able to graze Trump’s ear. However, the former President was able to escape with no significant injuries.
“In this moment, it is more important than ever that we stand United, and show our True Character as Americans, remaining Strong and Determined, and not allowing Evil to Win,” wrote Trump on Truth Social, the social media platform of his company Trump Media & Technology (NASDAQ:DJT).
On Polymarket, which is a tradable prediction market, Trump’s odds of winning the presidential election tallied in at 56% as of last Friday. Those odds have now risen to more than 70%, an all-time high following the assassination attempt.
DatChat, Phunware, Rumble Stocks Surge Higher on Trump Reelection Odds
Despite the rise, DATS stock is still down more than 50% year-to-date (YTD). On the other hand, PHUN stock and RUM stock are both up by 40% YTD or more.
The rise in DATS stock doesn’t appear to be related to a short squeeze, as its short interest as a percentage of float as of June 30 was just 2.5%. Generally, a short interest of 10% is viewed as high, while a short interest of 20% or greater is viewed as very high. As a result, it appears that demand outpacing supply is responsible for the uptick in DatChat shares today.
The same can’t be said for Phunware and Rumble. Both companies commanded short interests over 10% as of June 30. PHUN stock’s short interest tallied in at 13.3%, while RUM was even higher at 19.7%.
It isn’t just these three stocks catching a bid today. With Trump’s chances of winning surging higher, investors have paid closer attention to “Trump stocks,” or stocks and industries that could fare well if Trump is able to win.
One of the obvious stocks is DJT, which represents the company behind Trump’s Truth Social. Cryptocurrencies have also risen following the assassination attempt because Trump has previously voiced his support for the asset class.
On July 27, Trump will attend the Bitcoin Conference in Nashville, Tennessee as a speaker. One event organizer teased that Trump will “deliver a speech that is heard around the world.”
On the date of publication, Eddie Pan 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
