Phunware (NASDAQ:PHUN) Stock Price Down 2.8% - Here's Why

Key Points

• Phunware's stock price dropped by 2.8% to $2.75, with trading volume down 29% compared to its average.
• Analysts have a consensus rating of "Moderate Buy" for Phunware, with an average price target of $6.67.
• In its latest earnings report, Phunware reported a revenue of $0.46 million, missing estimates, and has a negative net margin of 510.83%.

Phunware (NASDAQ:PHUN - Get Free Report) fell 2.8% on Tuesday . The stock traded as low as $2.70 and last traded at $2.75. 168,314 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 236,478 shares. The stock had previously closed at $2.83.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a "neutral" rating and issued a $3.00 price objective on shares of Phunware in a report on Thursday, August 14th. Ascendiant Capital Markets increased their price objective on shares of Phunware from $12.00 to $12.50 and gave the stock a "buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $6.67.

Phunware Price Performance

The company has a market capitalization of $55.52 million, a price-to-earnings ratio of -4.23 and a beta of 2.51. The business has a fifty day moving average price of $2.73 and a 200 day moving average price of $2.92.

Phunware (NASDAQ:PHUN - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.01). The company had revenue of $0.46 million for the quarter, compared to analyst estimates of $0.74 million. Phunware had a negative net margin of 510.83% and a negative return on equity of 12.99%. Research analysts anticipate that Phunware will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Two Sigma Investments LP acquired a new stake in shares of Phunware during the fourth quarter worth $392,000. Northern Trust Corp raised its holdings in Phunware by 285.4% during the 4th quarter. Northern Trust Corp now owns 45,809 shares of the company's stock worth $238,000 after buying an additional 33,922 shares during the period. R Squared Ltd acquired a new stake in Phunware during the 2nd quarter worth about $39,000. Jane Street Group LLC raised its holdings in Phunware by 2,255.3% during the 1st quarter. Jane Street Group LLC now owns 11,811 shares of the company's stock worth $35,000 after buying an additional 12,359 shares during the period. Finally, Millennium Management LLC acquired a new stake in Phunware during the 4th quarter worth about $57,000. Institutional investors own 7.57% of the company's stock.

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.

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