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

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) shares traded down 9.9% during trading on Tuesday . The stock traded as low as $2.82 and last traded at $2.91. 880,098 shares traded hands during trading, an increase of 159% from the average session volume of 339,645 shares. The stock had previously closed at $3.23.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets boosted 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.

Phunware Stock Down 2.5%

The firm's fifty day moving average price is $3.17 and its 200-day moving average price is $3.24. The company has a market capitalization of $54.06 million, a price-to-earnings ratio of -3.31 and a beta of 2.30. 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 issued its quarterly earnings data on Monday, May 12th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). The company had revenue of $0.69 million for the quarter, compared to analysts' expectations of $0.60 million. Phunware had a negative net margin of 397.39% and a negative return on equity of 16.61%. Sell-side analysts expect that Phunware will post -0.97 earnings per share for the current fiscal year.

Institutional Trading of Phunware

A number of institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. acquired a new position in Phunware during the first quarter worth $30,000. Atria Wealth Solutions Inc. bought a new stake in shares of Phunware during the first quarter worth about $30,000. Millennium Management LLC acquired a new stake in shares of Phunware in the 4th quarter worth about $57,000. Jane Street Group LLC raised 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 worth $35,000 after acquiring an additional 12,359 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Phunware in the 2nd quarter worth about $39,000. Institutional investors own 7.57% of the company's stock.

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.