Phunware (NASDAQ:PHUN) Shares Down 2.4% – Here’s Why

Phunware (NASDAQ:PHUN) shares fell 2.4% on Friday . The company traded as low as $2.02 and last traded at $2.02. 80,550 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 149,041 shares. The stock had previously closed at $2.07.

Analysts Set New Price Targets

A number of analysts have commented on PHUN shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Phunware in a research note on Monday. HC Wainwright cut their price target on shares of Phunware from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Tuesday, November 18th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $6.33.

Phunware Stock Performance

The stock has a market cap of $40.78 million, a price-to-earnings ratio of -3.88 and a beta of 2.65. The company’s 50 day simple moving average is $2.40 and its two-hundred day simple moving average is $2.75.

Phunware (NASDAQ:PHUN) last issued its earnings results on Thursday, November 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. Phunware had a negative net margin of 505.26% and a negative return on equity of 10.45%. The company had revenue of $0.62 million during the quarter, compared to analyst estimates of $0.53 million. On average, equities research analysts predict that Phunware will post -0.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Phunware

A number of hedge funds have recently added to or reduced their stakes in PHUN. Citadel Advisors LLC bought a new position in Phunware during the third quarter valued at approximately $303,000. Cantor Fitzgerald L. P. bought a new stake in Phunware in the third quarter worth approximately $248,000. Bridgeway Capital Management LLC acquired a new position in shares of Phunware during the 3rd quarter worth $138,000. Bank of America Corp DE raised its holdings in shares of Phunware by 13,900.9% during the 3rd quarter. Bank of America Corp DE now owns 30,522 shares of the company’s stock valued at $84,000 after purchasing an additional 30,304 shares in the last quarter. Finally, R Squared Ltd acquired a new stake in shares of Phunware in the 2nd quarter valued at $39,000. Institutional investors and hedge funds 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.