Phunware (NASDAQ:PHUN) Price Target Cut to $13.00 by Analysts at Ascendiant Capital Markets

Phunware (NASDAQ:PHUN) had its price objective cut by equities research analysts at Ascendiant Capital Markets from $20.00 to $13.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Ascendiant Capital Markets’ target price would suggest a potential upside of 145.75% from the stock’s previous close.

Separately, HC Wainwright lowered Phunware from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $9.00 to $6.00 in a research report on Tuesday.

Phunware Stock Down 11.7 %

Shares of NASDAQ:PHUN traded down $0.70 during midday trading on Tuesday, reaching $5.29. The company had a trading volume of 3,734,717 shares, compared to its average volume of 3,368,630. The company’s 50 day moving average price is $5.24 and its 200 day moving average price is $5.32. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.82. Phunware has a 52-week low of $2.85 and a 52-week high of $24.49.

Institutional Trading of Phunware

An institutional investor recently bought a new position in Phunware stock. Murchinson Ltd. acquired a new stake in Phunware, Inc. (NASDAQ:PHUN) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the company’s stock, valued at approximately $90,000. Murchinson Ltd. owned 0.12% of Phunware at the end of the most recent quarter. Institutional investors own 7.57% of the company’s stock.

About Phunware

Phunware, Inc, together with its subsidiaries, provides integrated software platform that equips companies with the products, solutions, and services to engage, manage, and monetize their mobile application portfolios in the United States and internationally. The company's products and services include mobile software and application transaction solutions comprise integration of software development kit (SDK) licenses, which consists of analytics that offers data related to application use and engagement; content management that allows application administrators to create and manage app content in a cloud-based portal; alerts, notifications, and messaging, which enables brands to send messages; marketing automation that enables location-triggered messages and workflow; advertising; and location-based services, such as mapping, navigation, wayfinding, workflow, asset management, and policy enforcement.