HC Wainwright Issues Pessimistic Forecast for Phunware (NASDAQ:PHUN) Stock Price

Phunware (NASDAQ:PHUN) had its target price reduced by equities researchers at HC Wainwright from $6.00 to $3.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. HC Wainwright’s price objective points to a potential upside of 1.69% from the company’s previous close.

Phunware Stock Performance

NASDAQ:PHUN opened at $2.95 on Monday. Phunware has a 12-month low of $2.70 and a 12-month high of $14.60. The stock’s 50 day moving average price is $3.76 and its two-hundred day moving average price is $4.60. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.80 and a current ratio of 3.80.

Phunware (NASDAQ:PHUN) last posted its quarterly earnings results on Thursday, March 20th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.12. Phunware had a negative return on equity of 244.22% and a negative net margin of 867.61%. The business had revenue of $0.99 million for the quarter, compared to analysts’ expectations of $0.93 million. On average, equities research analysts predict that Phunware will post -0.97 EPS for the current year.

Institutional Trading of Phunware

Several hedge funds and other institutional investors have recently modified their holdings of PHUN. Millennium Management LLC bought a new position in Phunware in the 4th quarter valued at about $57,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Phunware in the fourth quarter valued at approximately $85,000. Dimensional Fund Advisors LP bought a new position in shares of Phunware during the fourth quarter worth approximately $89,000. Marshall Wace LLP acquired a new stake in Phunware during the 4th quarter worth approximately $122,000. Finally, Northern Trust Corp boosted its stake in Phunware by 285.4% in the 4th quarter. Northern Trust Corp now owns 45,809 shares of the company’s stock valued at $238,000 after purchasing an additional 33,922 shares during the period. Institutional investors own 7.57% of the company’s stock.

Phunware Company Profile

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.