Phunware (NASDAQ:PHUN) Rating Lowered to Neutral at HC Wainwright

HC Wainwright downgraded shares of Phunware (NASDAQ:PHUN) from a buy rating to a neutral rating in a research note published on Tuesday morning, Marketbeat.com reports. The firm currently has $6.00 price target on the stock, down from their previous price target of $9.00. HC Wainwright also issued estimates for Phunware’s Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($1.07) EPS and FY2025 earnings at ($0.52) EPS.

Separately, Ascendiant Capital Markets decreased their price objective on Phunware from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd.

Phunware Stock Down 6.1 %

Shares of NASDAQ:PHUN traded down $0.30 during midday trading on Tuesday, reaching $4.63. The company’s stock had a trading volume of 957,286 shares, compared to its average volume of 3,352,321. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.82 and a current ratio of 3.80. Phunware has a fifty-two week low of $2.85 and a fifty-two week high of $24.49. The business’s fifty day simple moving average is $5.32 and its 200-day simple moving average is $5.31.

Hedge Funds Weigh In On Phunware

An institutional investor recently bought a new position in Phunware stock. Virtu Financial LLC bought a new stake in Phunware, Inc. (NASDAQ:PHUN) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,196 shares of the company’s stock, valued at approximately $91,000. Virtu Financial LLC owned about 0.12% of Phunware as of its most recent SEC filing. 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.