Phunware (NASDAQ:PHUN) Shares Down 5.2% - Here's Why

Phunware (NASDAQ:PHUN - Get Free Report) dropped 5.2% during mid-day trading on Monday . The stock traded as low as $3.25 and last traded at $3.26. Approximately 268,233 shares traded hands during trading, a decline of 88% from the average daily volume of 2,268,618 shares. The stock had previously closed at $3.44.

Analysts Set New Price Targets

PHUN has been the topic of several recent research reports. Roth Capital set a $4.50 target price on shares of Phunware in a research report on Monday, March 24th. Ascendiant Capital Markets upped their target price on shares of Phunware from $12.00 to $12.50 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, HC Wainwright decreased their target price on shares of Phunware from $6.00 to $3.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th.

Phunware Price Performance

The company has a current ratio of 15.40, a quick ratio of 15.41 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $65.75 million, a PE ratio of -4.02 and a beta of 2.34. The stock's 50-day moving average is $3.09 and its two-hundred day moving average is $3.49.

Phunware (NASDAQ:PHUN - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.12) EPS for the quarter, hitting analysts' consensus estimates of ($0.12). The business had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.60 million. Phunware had a negative net margin of 397.39% and a negative return on equity of 16.61%. On average, equities analysts predict that Phunware will post -0.97 EPS for the current year.

Hedge Funds Weigh In On Phunware

A number of institutional investors have recently modified their holdings of PHUN. Charles Schwab Investment Management Inc. acquired a new stake in Phunware in the first quarter valued at approximately $30,000. Atria Wealth Solutions Inc. purchased a new position in shares of Phunware during the first quarter worth $30,000. Jane Street Group LLC raised its holdings in shares of Phunware by 2,255.3% during the first quarter. Jane Street Group LLC now owns 11,811 shares of the company's stock worth $35,000 after purchasing an additional 12,359 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Phunware during the fourth quarter worth $57,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in Phunware in the fourth quarter valued at $85,000. 7.57% of the stock is owned by hedge funds and other institutional investors.

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.

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