What's Going On With Phunware Stock Tuesday?

Phunware Inc PHUN shares appear to be trading higher Tuesday as traders circle the name following former President Donald Trump’s convincing win in the Iowa caucus.

What To Know: Trump received roughly 51% of the vote in the Iowa caucus and won 98 of the state's 99 counties. The former President won by approximately 30 points, marking a new record for victory margins in the Iowa Republican caucus, according to CNBC.

Florida Gov. Ron DeSantis was Trump’s closest competitor with around 21% of the vote, followed closely by former South Carolina Gov. Nikki Haley, who received about 19% of the vote.

The latest Morning Consult poll, which Benzinga tracks weekly, showed that Trump currently holds a commanding lead in the Republican primary race with approximately 69% of support.

Phunware has ties to Trump dating back to 2020 when the company announced that it was working on the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign's mobile application portfolio.

“The app portfolio launched is an integral piece of the Trump campaign's efforts to engage digitally with supporters on mobile,” the company said at the time.

“In addition to other ongoing engagement efforts by the campaign, the app portfolio boosts supporter enthusiasm and capitalizes on the momentum often seen at Trump rallies.”

Check This Out: Donald Trump Says ‘I Love You All’ After Iowa Republican Caucus Victory

Is PHUN A Buy? Wall Street analysts view Phunware on the whole as a Buy, given the history of coverage over the past three months. Darren Aftahi from Roth MKM is the most bearish, expecting a 70% fall in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Phunware fell 21.95%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 41.32% over the past year.

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PHUN Price Action: Phunware shares were up 92% at $0.1451 at the time of publication, according to Benzinga Pro.

Photo:  3844328 from Pixabay.