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Phunware Stock Price Rallied 20% Premarket Today, Here’s Why…

Ollie Martin - AskTraders News writer
Ollie Martin trader
Updated 7 Feb 2022

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Key points:

  • Phunware announce strategic political partnership with Campaign Nucleus
  • PHUN stock surged 20% premarket, before retracing slightly with the market open
  • Brad Parscale, founder of Campaign Nucleus, tweeted his ‘confidence' last night

Phunware (NASDAQ: PHUN), the enterprise cloud platform providing products, solutions, data, and services for global brands, today announced a strategic partnership with politically-focused Campaign Nucleus – the AI-based platform founded by 2020 Trump Campaign manager Brad Parscale. PHUN stock rallied just over 20% in Monday premarket trading, helped by a late-night tweet from Parscale reassuring investor confidence in the partnership. 

Stating his ‘very close relationship’ with the brand and expecting a ‘good PR’ – the update was a bright green flag for investors; with retail traders touting the tweet this morning as ‘free money’. The political partnership will enhance the Smart Advocacy Solution for Campaign Nucleus, and widen its capabilities in the support of ‘tech-enabled politics’. The digital platform is currently an ecosystem for data as well as a breeding ground for political accountability, analysis, and action. 

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Alan S, Knitowski, President and CEO of Phunware, said in a statement:

“We live in a mobile-first world, so it’s imperative politicians and advocacy groups understand how to not only curate, personalize and deliver content on mobile at scale, but also drive engagement in a secure and repeatable way that can’t be canceled or manipulated”

While Brad Parscale added: 

“This partnership is the start of a much larger movement that is bringing unique platforms together to combat cancel culture and the unchecked power of technology companies who continue to interfere with people seeking to engage directly with policymakers in a more transparent manner.”

Twitter-active retail traders moved quickly following the statement from Parscale yesterday, relishing today’s 20% premarket surge. 

Ollie Martin - AskTraders News writer
Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.