Soviero Asset Management LP Invests $520,000 in Phunware, Inc. (NASDAQ:PHUN)

Soviero Asset Management LP bought a new position in Phunware, Inc. (NASDAQ:PHUN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 100,000 shares of the company's stock, valued at approximately $520,000. Soviero Asset Management LP owned about 0.50% of Phunware as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PHUN. Geode Capital Management LLC lifted its stake in Phunware by 87.9% in the fourth quarter. Geode Capital Management LLC now owns 213,777 shares of the company's stock valued at $1,112,000 after purchasing an additional 100,010 shares during the last quarter. Two Sigma Investments LP purchased a new position in Phunware in the fourth quarter valued at approximately $392,000. Northern Trust Corp lifted its stake in Phunware by 285.4% in the fourth 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 last quarter. Marshall Wace LLP purchased a new position in Phunware in the fourth quarter valued at approximately $122,000. Finally, Dimensional Fund Advisors LP purchased a new position in Phunware in the fourth quarter valued at approximately $89,000. Hedge funds and other institutional investors own 7.57% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on PHUN. HC Wainwright dropped their price objective on Phunware from $6.00 to $3.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Ascendiant Capital Markets dropped their price objective on Phunware from $13.00 to $12.00 and set a "buy" rating on the stock in a research note on Monday, April 21st. Finally, Roth Capital set a $4.50 price objective on Phunware in a research note on Monday, March 24th.

Phunware Stock Performance

Shares of NASDAQ:PHUN traded down $0.08 during trading on Friday, hitting $3.05. 147,711 shares of the company were exchanged, compared to its average volume of 2,273,851. The company has a market cap of $61.52 million, a PE ratio of -3.77 and a beta of 2.58. The stock has a 50 day moving average of $2.87 and a 200 day moving average of $3.84. Phunware, Inc. has a 52-week low of $2.22 and a 52-week high of $14.60. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.80 and a quick ratio of 3.80.

Phunware (NASDAQ:PHUN - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.12). The firm had revenue of $0.69 million for the quarter, compared to the consensus estimate of $0.60 million. Phunware had a negative return on equity of 244.22% and a negative net margin of 867.61%. As a group, equities research analysts predict that Phunware, Inc. will post -0.97 EPS for the current year.

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.