Phunware (NASDAQ:PHUN) Sees Significant Increase in Short Interest

Key Points

• Short interest in Phunware (NASDAQ:PHUN) increased by 28.3% in August, reaching a total of 1,450,000 shares, indicating growing bearish sentiment among investors.
• Phunware missed analysts' earnings expectations for the last quarter, reporting a loss of ($0.16) per share against expectations of ($0.15) and revenues of $0.46 million compared to estimates of $0.74 million.
• Institutional investors and hedge funds hold approximately 7.57% of Phunware's stock, with notable recent buys from firms like R Squared Ltd and Jane Street Group LLC.

Phunware (NASDAQ:PHUN - Get Free Report) was the target of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 1,450,000 shares, a growth of 28.3% from the July 31st total of 1,130,000 shares. Based on an average daily trading volume, of 316,800 shares, the short-interest ratio is currently 4.6 days. Currently, 7.2% of the shares of the company are sold short. Currently, 7.2% of the shares of the company are sold short. Based on an average daily trading volume, of 316,800 shares, the short-interest ratio is currently 4.6 days.

Institutional Investors Weigh In On Phunware

A number of large investors have recently made changes to their positions in the company. Soviero Asset Management LP acquired a new stake in shares of Phunware during the fourth quarter valued at approximately $520,000. Two Sigma Investments LP acquired a new position in Phunware in the 4th quarter valued at approximately $392,000. Northern Trust Corp increased its stake in Phunware by 285.4% in the 4th quarter. Northern Trust Corp now owns 45,809 shares of the company's stock valued at $238,000 after buying an additional 33,922 shares during the period. Dimensional Fund Advisors LP acquired a new position in Phunware in the 4th quarter valued at approximately $89,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Phunware in the 4th quarter valued at approximately $85,000. Institutional investors and hedge funds own 7.57% of the company's stock.

Phunware Stock Performance

Shares of NASDAQ:PHUN traded up $0.04 during trading on Friday, reaching $2.73. The company had a trading volume of 363,362 shares, compared to its average volume of 197,112. The firm's fifty day moving average is $2.86 and its 200 day moving average is $2.93. The firm has a market capitalization of $55.11 million, a PE ratio of -4.20 and a beta of 2.51. Phunware has a twelve month low of $2.22 and a twelve month high of $14.60.

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 analysts' consensus estimates of ($0.15) by ($0.01). Phunware had a negative return on equity of 12.99% and a negative net margin of 510.83%.The business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.74 million. Equities analysts predict that Phunware will post -0.97 earnings per share for the current fiscal year.

Analyst Ratings Changes

PHUN has been the subject of several research reports. Ascendiant Capital Markets lifted their price target on shares of Phunware from $12.00 to $12.50 and gave the company a "buy" rating in a report on Friday, June 6th. HC Wainwright reaffirmed a "neutral" rating and issued a $3.00 price target on shares of Phunware in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $6.67.

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.