Phunware, DJT, Rumble: How Did Key Trump-Linked Stocks Perform Today?

Trump Media & Technology Group Corp. ($DJT)

Shares of DJT surged nearly 14% at market open on Tuesday, climbing to $54.09, the highest level in over five months, before trading was suspended due to volatility. 

This increase follows a notable 22% jump on Monday, positioning DJT for a potential third consecutive day of gains ahead of the US Election next week.

Despite the rise in share price, retail sentiment on Stocktwits has shifted to ‘extremely bearish’ (12/100), down from neutral just a day earlier. However, chatter around the stock has increased from ‘high’ to ‘extremely high’ (85/100) during midday trading on Tuesday.

It is the most active stock on Stocktwits and among the top 10 trending stocks on the platform.

Republican presidential candidate Donald Trump is the majority owner of DJT with approximately 57% of the company’s outstanding shares. The stock has gained 209% so far in 2024.

Phunware Inc. ($PHUN)

Shares of Phunware were down nearly 17% on Tuesday after it canceled a $30 million stock sale agreement with Lincoln Park Capital. The company has not disclosed the reason for ending the agreement.

Over the agreement’s term, Phunware sold 164,106 shares, generating approximately $978,000 in proceeds.

Retail sentiment on Stocktwits remained in the ‘bullish’ (59/100) territory accompanied by ‘high’ chatter.

Mobile-advertising software company Phunware developed and launched a mobile app for the Trump-Pence 2020 re-election campaign.

The stock has doubled in value so far in 2024.

Rumble Inc. ($RUM)

Rumble’s shares were trading flat during mid-day trading on Tuesday. The tepidness comes after shares surged over 14% on Monday after Trump’s controversial Madison Square Garden rally in the run-up to the US Election next week.

The company also disclosed that it will be announcing its third-quarter results on Nov. 12.

Rumble has positioned itself as a conservative alternative to YouTube, so investors believe the stock would benefit from a Trump victory in the election. 

According to a report by The Washington Post, it was given exclusive streaming rights for a presidential primary debate last year due to the close relationship between Trump and founder Chris Pavlovski. 

The stock has gained 48% so far in 2024.

For updates and corrections email newsroom@stocktwits.com.

Read more: PayPal Stock Plummets After Mixed Earnings, Yet Retail Investors Stay Bullish

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