Phunware (NASDAQ:PHUN) Shares Down 9.9% - Here's What Happened

Key Points

• Phunware's stock dropped 9.9% on a recent trading day, closing at $2.91 after hitting a low of $2.82, with trading volume significantly higher than average.
• Ascendiant Capital Markets raised their price target for Phunware from $12.00 to $12.50 and maintained a "buy" rating, indicating a potentially bullish outlook despite recent losses.
• The company reported (-0.12) earnings per share for the last quarter, aligning with analyst estimates, while revenue surpassed expectations at $0.69 million.

Phunware (NASDAQ:PHUN - Get Free Report)'s share price dropped 9.9% during trading on Tuesday . The company traded as low as $2.82 and last traded at $2.91. Approximately 880,098 shares traded hands during mid-day trading, an increase of 159% from the average daily volume of 339,645 shares. The stock had previously closed at $3.23.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets lifted their target price on Phunware from $12.00 to $12.50 and gave the stock a "buy" rating in a report on Friday, June 6th.

Phunware Price Performance

The company has a market capitalization of $54.06 million, a price-to-earnings ratio of -3.31 and a beta of 2.34. The stock has a fifty day simple moving average of $3.18 and a 200-day simple moving average of $3.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 15.40 and a quick ratio of 15.41.

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, meeting analysts' consensus estimates of ($0.12). The business had revenue of $0.69 million during the quarter, compared to analysts' expectations of $0.60 million. Phunware had a negative return on equity of 16.61% and a negative net margin of 397.39%. On average, equities research analysts anticipate that Phunware will post -0.97 EPS for the current year.

Institutional Trading of Phunware

Several large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. purchased a new stake in shares of Phunware during the first quarter worth approximately $30,000. Atria Wealth Solutions Inc. purchased a new stake in shares of Phunware during the first quarter worth approximately $30,000. Millennium Management LLC purchased a new stake in shares of Phunware during the fourth quarter worth approximately $57,000. R Squared Ltd purchased a new stake in shares of Phunware during the second quarter worth approximately $39,000. Finally, Jane Street Group LLC boosted its stake in 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 buying an additional 12,359 shares during the last quarter. 7.57% of the stock is currently owned by hedge funds and other institutional investors.

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.