Phunware (NASDAQ: PHUN) shares plunged nearly 20% on Wednesday despite the victory of former President Donald Trump in the New Hampshire GOP primary.
Despite the anticipation that PHUN stock, previously linked to Trump, would rise, it continued to decline on Wednesday. This trend could relate to the slim margin by which the former president prevailed over his competitor.
Trump secured a win over competing GOP candidate Nikki Haley by 11 points margin. However, this may have fallen short of investors’ expectations. Investors holding PHUN stock may have anticipated a more decisive victory for Trump against Haley.
What Lies Ahead for Phunware Stock (NASDAQ: PHUN)?
Given that the 2024 presidential race is ongoing, the PHUN stock is anticipated to remain active throughout the year. As more updates on Trump’s campaign become available, shareholders should prepare for potential swings in the stock’s price.
This implies that notable changes in Phunware’s performance might transpire following the announcement of the election results. The effect on PHUN stock could be positive or negative, hinging on Trump’s performance, particularly if he contests against President Joe Biden later this year.
PHUN Stock Reaction
PHUN stock witnessed a sharp decline of 19.54% on Wednesday. The trading activity was intense, with 370.72 million shares changing hands, significantly higher than the average daily trading volume of 79 million.
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