Phunware (PHUN) Stock Surges 22% in A Week: Here is Why

The enterprise cloud operating company Phunware Inc (NASDAQ:PHUN) was in sharp focus among investors yesterday and ended the day with gains of as much as 17%.

While there was no news about the stock yesterday, it should be noted that back on Monday the company had made an announcement in relation to the Ten Million PhunToken Sweepstakes. It might have been the trigger for the rally in the Phunware stock on Tuesday. In this regard, it is also necessary to point out that the company is going to have the sweepstakes so that it clashes with the launch of the iOS version of its product PhunWallet on the Apple App Store.

The android version of this product already exists. The Ten Million PhunToken Sweepstakes is going to take place up until the end of next month. Participants will have the opportunity to earn on a daily basis as long as they engage with the content that is published by the company on its PhunWallet app. In addition to that, it was also announced that as many as 10 winners are going to be selected, who are going to walk away with one million PhunToken each. It remains to be seen if the stock can maintain its momentum today.

Market Reaction:

On Tuesday, PHUN stock went up 17.30% to $1.56 with more than 15.40 million shares, compared to  its average volume of 4.82 million shares. The stock has moved within a range of $1.3800 Р1.5850 after opening the trade at $1.45 Over the past 52-week, the stock has been trading within a range of $0.6020 Р3.3380.

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