Phunware (NASDAQ:PHUN) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Phunware (NASDAQ:PHUN) from a hold rating to a sell rating in a research note published on Saturday.

Separately, Weiss Ratings raised Phunware from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 8th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Phunware Stock Performance

Shares of PHUN opened at $2.04 on Friday. Phunware has a fifty-two week low of $1.56 and a fifty-two week high of $3.13. The firm has a 50-day simple moving average of $2.05 and a 200-day simple moving average of $1.95. The company has a market capitalization of $41.72 million, a price-to-earnings ratio of -3.14 and a beta of 2.61.

Phunware (NASDAQ:PHUN) last issued its quarterly earnings results on Friday, August 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.12). The company had revenue of $0.80 million during the quarter, compared to analyst estimates of $0.80 million. Phunware had a negative net margin of 471.72% and a negative return on equity of 13.52%.

Hedge Funds Weigh In On Phunware

Large investors have recently modified their holdings of the business. HRT Financial LP acquired a new stake in shares of Phunware in the 4th quarter worth approximately $25,000. Virtu Financial LLC acquired a new position in Phunware during the third quarter worth $28,000. Jane Street Group LLC boosted its position in 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 purchasing an additional 12,359 shares in the last quarter. Panagora Asset Management Inc. boosted its position in Phunware by 98.2% during the fourth quarter. Panagora Asset Management Inc. now owns 28,523 shares of the company’s stock worth $53,000 after purchasing an additional 14,134 shares in the last quarter. Finally, R Squared Ltd grew its holdings in Phunware by 146.6% in the fourth quarter. R Squared Ltd now owns 35,407 shares of the company’s stock valued at $66,000 after purchasing an additional 21,048 shares during the last quarter. 7.57% of the stock is owned by hedge funds and other institutional investors.

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.