HC Wainwright Lowers Phunware (NASDAQ:PHUN) Price Target to $2.00

Phunware (NASDAQ:PHUN) had its price objective dropped by analysts at HC Wainwright from $3.00 to $2.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. HC Wainwright’s target price suggests a potential downside of 2.91% from the company’s previous close.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Phunware in a research note on Friday, October 31st. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Phunware has an average rating of “Hold” and a consensus price target of $6.33.

Phunware Trading Down 5.9%

NASDAQ PHUN opened at $2.06 on Tuesday. Phunware has a 12 month low of $2.00 and a 12 month high of $6.29. The stock has a 50-day simple moving average of $2.67 and a 200 day simple moving average of $2.88. The company has a market capitalization of $41.59 million, a PE ratio of -3.96 and a beta of 2.39.

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

Hedge Funds Weigh In On Phunware

Several institutional investors and hedge funds have recently modified their holdings of PHUN. Virtu Financial LLC bought a new stake in Phunware during the 3rd quarter worth approximately $28,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Phunware in the first quarter valued at approximately $30,000. Atria Wealth Solutions Inc. acquired a new position in shares of Phunware in the first quarter valued at approximately $30,000. Jane Street Group LLC increased its position in shares of Phunware by 2,255.3% during the first quarter. Jane Street Group LLC now owns 11,811 shares of the company’s stock worth $35,000 after acquiring an additional 12,359 shares in the last quarter. Finally, R Squared Ltd bought a new stake in shares of Phunware during the second quarter worth $39,000. 7.57% of the stock is currently owned by institutional investors and hedge funds.

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.