Robinhood Penny Stocks #3: Phunware Inc.
Phunware Inc. (PHUN Stock Report) currently has just over 1,900 portfolios holding shares. But its stock saw a very wild day of trading on February 20. It was business as usual with a quiet session right until 2 PM EST. This is when the company came out with late afternoon news.
Phunware announced that it partnered with none other than tech giant, Cisco Systems (CSCO Stock Report). The company will showcase a mobile corporate campus solution called My Way at South by Southwest. In collaboration with Cisco, Phunware will debut its solution during the Cisco Innovation Hub.
“Our mobile cloud platform delivers a critical software layer to optimize workflows while providing a more comprehensive and seamless user experience, so it’s a natural fit to go-to-market in partnership with global digital transformation innovators such as Cisco Webex Teams.”
Randall Crowder, COO of Phunware
The event happens on March 14th and 15th so there’s still a bit of lead time. However, the news sparked big momentum that carried into the end of the day. After jumping from around $0.88 to highs of $1.73, the Robinhood penny stock closed just above $1.20. The reason that this could become a penny stock to watch is that late news can sometimes get overlooked. Despite having traded some of its highest volumes in months, not everyone pays attention to penny stock news during the day. Could this momentum carry over into the rest of the week or even the month?
