Phunware (NASDAQ:PHUN) Shares Gap Down to $2.32


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Phunware, Inc. (NASDAQ:PHUN) shares gapped down prior to trading on Tuesday . The stock had previously closed at $2.32, but opened at $1.79. Phunware shares last traded at $1.76, with a volume of 56,639 shares changing hands.

Separately, Zacks Investment Research lowered shares of Phunware from a “hold” rating to a “sell” rating in a research note on Tuesday, November 24th.

The stock’s 50-day moving average price is $1.90 and its 200 day moving average price is $1.17. The company has a debt-to-equity ratio of 8.49, a current ratio of 0.10 and a quick ratio of 0.10. The firm has a market cap of $120.07 million, a P/E ratio of -3.74 and a beta of 12.85.

Several hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP bought a new stake in shares of Phunware in the fourth quarter worth $25,000. STA Wealth Management LLC lifted its position in shares of Phunware by 11.7% in the fourth quarter. STA Wealth Management LLC now owns 247,870 shares of the company’s stock worth $312,000 after purchasing an additional 26,000 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Phunware by 6,293.1% in the second quarter. Bank of America Corp DE now owns 59,328 shares of the company’s stock worth $73,000 after purchasing an additional 58,400 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its position in shares of Phunware by 98.7% in the fourth quarter. Cresset Asset Management LLC now owns 130,830 shares of the company’s stock worth $165,000 after purchasing an additional 65,000 shares in the last quarter. 4.07% of the stock is currently owned by institutional investors and hedge funds.

About Phunware (NASDAQ:PHUN)

Phunware, Inc, together with its subsidiaries, provides multiscreen-as-a-service (MaaS) enterprise cloud platform for mobile devices worldwide. Its platform enables brands to engage, manage, and monetize their mobile application portfolios. The company offers platforms as software-as-a-service, application transactions media, and data licensing.

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