Short Interest in Phunware (NASDAQ:PHUN) Grows By 28.3%

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 recipient of a large growth in short interest in August. As of August 15th, there was short interest totaling 1,450,000 shares, agrowthof28.3% from the July 31st total of 1,130,000 shares. Based on an average daily trading volume, of 316,800 shares, the days-to-cover ratio is currently 4.6 days. Approximately7.2% of the company's stock are short sold. Approximately7.2% of the company's stock are short sold. Based on an average daily trading volume, of 316,800 shares, the days-to-cover ratio is currently 4.6 days.

Hedge Funds Weigh In On Phunware

Institutional investors have recently bought and sold shares of the business. R Squared Ltd bought a new position in Phunware in the 2nd quarter valued at about $39,000. Jane Street Group LLC raised its holdings in 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 during the period. Charles Schwab Investment Management Inc. bought a new position in Phunware in the 1st quarter valued at about $30,000. Atria Wealth Solutions Inc. bought a new position in Phunware in the 1st quarter valued at about $30,000. Finally, Soviero Asset Management LP bought a new position in Phunware in the 4th quarter valued at about $520,000. Institutional investors and hedge funds own 7.57% of the company's stock.

Phunware Stock Up 1.6%

Shares of NASDAQ PHUN opened at $2.53 on Tuesday. The business's 50 day moving average price is $2.91 and its two-hundred day moving average price is $2.94. The company has a market cap of $51.08 million, a PE ratio of -3.89 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 announced its quarterly earnings results on Friday, August 8th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.01). The business 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%. As a group, research analysts anticipate that Phunware will post -0.97 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on PHUN. HC Wainwright reissued a "neutral" rating and set a $3.00 price target on shares of Phunware in a research report on Thursday, August 14th. Ascendiant Capital Markets boosted their price target on shares of Phunware from $12.00 to $12.50 and gave the stock a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.

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