Phunware (NASDAQ:PHUN) Stock Price Down 5.2% - Here's What Happened

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PHUN shares. HC Wainwright lowered their price objective on shares of Phunware from $6.00 to $3.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Ascendiant Capital Markets upped their price objective 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, Roth Capital set a $4.50 price objective on shares of Phunware in a research report on Monday, March 24th.

Phunware Stock Performance

The stock's 50 day moving average is $3.12 and its two-hundred day moving average is $3.48. 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 stock has a market capitalization of $65.55 million, a price-to-earnings ratio of -4.01 and a beta of 2.34.

Phunware (NASDAQ:PHUN - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.12) EPS for the quarter, hitting analysts' consensus estimates of ($0.12). Phunware had a negative net margin of 397.39% and a negative return on equity of 16.61%. The company had revenue of $0.69 million during the quarter, compared to the consensus estimate of $0.60 million. Analysts expect that Phunware will post -0.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Phunware

Large investors have recently modified their holdings of the business. Jane Street Group LLC lifted its stake in Phunware by 2,255.3% in the 1st quarter. Jane Street Group LLC now owns 11,811 shares of the company's stock valued at $35,000 after purchasing an additional 12,359 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new stake in Phunware in the 1st quarter valued at about $30,000. Atria Wealth Solutions Inc. acquired a new stake in Phunware in the 1st quarter valued at about $30,000. Soviero Asset Management LP acquired a new stake in Phunware in the 4th quarter valued at about $520,000. Finally, Two Sigma Investments LP acquired a new stake in Phunware in the 4th quarter valued at about $392,000. 7.57% of the stock is currently owned by institutional investors and hedge funds.

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.