Phunware (NASDAQ:PHUN) Price Target Cut to $7.00

Phunware (NASDAQ:PHUN) had its price target lowered by stock analysts at HC Wainwright from $12.00 to $7.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 84.21% from the company’s current price.

Phunware Price Performance

Shares of PHUN stock traded up $0.32 on Friday, reaching $3.80. 595,508 shares of the company’s stock traded hands, compared to its average volume of 2,117,859. Phunware has a 12-month low of $3.10 and a 12-month high of $24.49. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.77 and a current ratio of 2.77. The business’s 50 day moving average price is $5.20 and its two-hundred day moving average price is $8.24.

Phunware (NASDAQ:PHUN) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.41) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.05. The business had revenue of $0.92 million for the quarter, compared to analysts’ expectations of $1.15 million. During the same quarter in the prior year, the firm posted ($3.50) EPS. Research analysts forecast that Phunware will post -1.47 EPS for the current year.

Insider Activity

In other news, CEO Michael Snavely sold 6,000 shares of Phunware stock in a transaction on Friday, July 12th. The stock was sold at an average price of $5.67, for a total transaction of $34,020.00. Following the transaction, the chief executive officer now owns 19,143 shares in the company, valued at $108,540.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have acquired 10,500 shares of company stock worth $62,849. 1.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Phunware stock. Murchinson Ltd. bought a new stake in Phunware, Inc. (NASDAQ:PHUN) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,000 shares of the company’s stock, valued at approximately $90,000. Murchinson Ltd. owned approximately 0.12% of Phunware at the end of the most recent reporting period. 7.57% of the stock is 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.