Phunware (NASDAQ:PHUN) Stock Price Down 4% – Here’s Why

Phunware (NASDAQ:PHUN)’s stock price dropped 4% during trading on Monday . The stock traded as low as $1.68 and last traded at $1.69. Approximately 209,374 shares were traded during trading, an increase of 69% from the average daily volume of 124,050 shares. The stock had previously closed at $1.76.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PHUN. HC Wainwright decreased their price objective on shares of Phunware from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Tuesday, November 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of Phunware in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.33.

Phunware Trading Down 4.0%

The business has a 50 day moving average price of $1.96 and a 200-day moving average price of $2.42. The firm has a market capitalization of $34.12 million, a PE ratio of -3.25 and a beta of 2.49.

Phunware (NASDAQ:PHUN) last posted its quarterly 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. The company had revenue of $0.62 million during the quarter, compared to the consensus estimate of $0.53 million. Phunware had a negative net margin of 505.26% and a negative return on equity of 10.45%. On average, equities research analysts forecast that Phunware will post -0.97 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its stake in shares of 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 purchasing an additional 12,359 shares in the last quarter. R Squared Ltd purchased a new stake in Phunware during the 2nd quarter worth $39,000. Bridgeway Capital Management LLC acquired a new stake in Phunware in the 3rd quarter valued at $138,000. Virtu Financial LLC purchased a new position in Phunware in the third quarter valued at about $28,000. Finally, Cantor Fitzgerald L. P. purchased a new stake in shares of Phunware in the third quarter worth about $248,000. Institutional investors and hedge funds own 7.57% of the company’s stock.

About Phunware

Phunware, Inc (NASDAQ: PHUN) is a technology company specializing in enterprise mobile software and services. Its unified Mobile Application Platform (MAP) delivers a comprehensive suite of cloud-based solutions designed to engage, monetize and analyze audiences across mobile devices. Through its multi-tenant SaaS architecture, Phunware supports the full lifecycle of mobile applications, from development and content management to user identity and data-driven marketing.

The company’s product offerings include location-based services such as indoor and outdoor mapping, real-time wayfinding, geofencing and proximity notifications.