Phunware (NASDAQ:PHUN) Issues Quarterly Earnings Results

Phunware (NASDAQ:PHUN) announced its earnings results on Thursday. The company reported ($0.26) earnings per share (EPS) for the quarter, Zacks reports. Phunware had a negative net margin of 451.68% and a negative return on equity of 11.19%.

Phunware Stock Performance

Shares of NASDAQ PHUN traded down $0.06 during trading hours on Thursday, hitting $2.18. The stock had a trading volume of 73,120 shares, compared to its average volume of 143,171. The company has a market capitalization of $44.57 million, a P/E ratio of -3.96 and a beta of 2.61. The firm’s 50-day moving average price is $2.05 and its two-hundred day moving average price is $1.95. Phunware has a 52 week low of $1.56 and a 52 week high of $3.13.

Institutional Trading of Phunware

A number of institutional investors have recently added to or reduced their stakes in PHUN. HRT Financial LP bought a new position in shares of Phunware during the 4th quarter valued at $25,000. Virtu Financial LLC acquired a new position in Phunware during the third quarter worth $28,000. Jane Street Group LLC raised its holdings in Phunware by 2,255.3% during the first quarter. Jane Street Group LLC now owns 11,811 shares of the company’s stock valued at $35,000 after buying an additional 12,359 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in Phunware by 98.2% during the fourth quarter. Panagora Asset Management Inc. now owns 28,523 shares of the company’s stock valued at $53,000 after buying an additional 14,134 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Phunware by 13,900.9% in the third quarter. Bank of America Corp DE now owns 30,522 shares of the company’s stock worth $84,000 after buying an additional 30,304 shares during the last quarter. 7.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PHUN. Wall Street Zen raised Phunware from a “sell” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings raised shares of Phunware from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Phunware currently has a consensus rating of “Reduce” and a consensus target price of $2.00.

About Phunware

Phunware, Inc (NASDAQ: PHUN) is a technology company specializing in enterprise mobile software and services. Its unified Mobile Application Platform (MAP) delivers a comprehensive suite of cloud-based solutions designed to engage, monetize and analyze audiences across mobile devices. Through its multi-tenant SaaS architecture, Phunware supports the full lifecycle of mobile applications, from development and content management to user identity and data-driven marketing.

The company’s product offerings include location-based services such as indoor and outdoor mapping, real-time wayfinding, geofencing and proximity notifications.