Phunware Saw a Surge in Buying Interest and Beyond Meat Changed their Quarter Outlook 👀
Phunware Saw a Surge in Buying Interest and Beyond Meat Changed their Quarter Outlook
Phunware is a technology company located in the growing business hub of Austin, Texas. They build software platforms for companies to monetize their mobile platforms, but they are a relatively small company with a market cap of $664.334 million.
On Friday, Phunware received a heavy amount of buying volume from traders, especially from the subreddit WallStreetBets. The reason behind this is that the company has often been linked with President Donald Trump, and directly too. Back in 2019, they made a $3 million deal with the Trump campaign, sending their stock to $500, but it has deflated since. With Trump’s SPAC gaining heavy fuel in the market during the last two days, traders piled into Phunware for the Trump mania too. Phunware ended the day at $8.74, up 471.24%, but its high was $24.03.
Beyond Meat is a food company that produces plant-based meat products that are sold in supermarkets and restaurants. The disruptive Los Angeles-based company has a market cap of $6.06 billion, and they are the industry leader of meat alternatives.
On Friday, Beyond Meat adjusted their third quarter earnings outlook in a preliminary result report, and things weren’t so great. Their revenue projections are now set at $106 million, which completely falls short of the $120 million guidance they provided recently. What this means is that Beyond Meat is growing at a rate far less than what people were expecting, and reasons that they listed were the Delta variant and the current supply chain issues, but they are looking further into it. The bad news caused Beyond Meat to fall to $95.80, down 11.80%.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.