Phunware (NASDAQ:PHUN) Cut to Neutral at HC Wainwright

HC Wainwright downgraded shares of Phunware (NASDAQ:PHUN) from a buy rating to a neutral rating in a research report report published on Tuesday, MarketBeat Ratings reports. The brokerage currently has $6.00 price target on the stock, down from their prior price target of $9.00. HC Wainwright also issued estimates for Phunware’s Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($1.07) EPS and FY2025 earnings at ($0.52) EPS.

Separately, Ascendiant Capital Markets dropped their price target on shares of Phunware from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd.

Phunware Stock Down 6.1 %

NASDAQ PHUN traded down $0.30 during trading hours on Tuesday, hitting $4.63. The company had a trading volume of 957,286 shares, compared to its average volume of 3,352,321. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.80 and a quick ratio of 2.82. Phunware has a fifty-two week low of $2.85 and a fifty-two week high of $24.49. The business has a fifty day simple moving average of $5.32 and a 200-day simple moving average of $5.31.

Institutional Investors Weigh In On Phunware

An institutional investor recently bought a new position in Phunware stock. Virtu Financial LLC acquired a new position in shares of Phunware, Inc. (NASDAQ:PHUN) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,196 shares of the company’s stock, valued at approximately $91,000. Virtu Financial LLC owned approximately 0.12% of Phunware at the end of the most recent quarter. 7.57% of the stock is currently owned by 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.