Phunware (NASDAQ:PHUN) Stock Price Down 6.1% - Time to Sell?

Key Points

• Phunware (NASDAQ:PHUN) shares fell 6.1%, trading between $2.57 and $2.62, with a notable increase in trading volume.
• Analysts maintain a consensus rating of "Hold" with a price target of $6.67, alongside a recent sell rating from Weiss Ratings.
• The company reported a quarterly EPS of ($0.16), missing estimates, against revenues of $0.46 million, indicating potential challenges in performance.

Phunware (NASDAQ:PHUN - Get Free Report) shares dropped 6.1% on Wednesday . The stock traded as low as $2.57 and last traded at $2.62. Approximately 288,378 shares changed hands during trading, an increase of 10% from the average daily volume of 261,777 shares. The stock had previously closed at $2.79.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PHUN shares. Weiss Ratings restated a "sell (e+)" rating on shares of Phunware in a report on Wednesday, October 8th. HC Wainwright restated a "neutral" rating and issued a $3.00 price objective on shares of Phunware in a research note on Thursday, August 14th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $6.67.

Phunware Stock Performance

The firm has a market capitalization of $52.90 million, a P/E ratio of -4.03 and a beta of 2.47. The stock has a 50-day moving average of $2.74 and a 200 day moving average of $2.91.

Phunware (NASDAQ:PHUN - Get Free Report) last issued its quarterly earnings results on Friday, August 8th. The company reported ($0.16) earnings per share (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 return on equity of 12.99% and a negative net margin of 510.83%. On average, equities analysts predict that Phunware will post -0.97 EPS for the current year.

Institutional Investors Weigh In On Phunware

A number of institutional investors and hedge funds have recently modified their holdings of the business. Atria Wealth Solutions Inc. acquired a new stake in shares of Phunware in the 1st quarter valued at approximately $30,000. Charles Schwab Investment Management Inc. acquired a new position in Phunware during the first quarter worth $30,000. Jane Street Group LLC grew its holdings in shares of 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 acquiring an additional 12,359 shares in the last quarter. Finally, R Squared Ltd acquired a new position in shares of Phunware during the 2nd quarter worth approximately $39,000. 7.57% of the stock is owned by 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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