Ascendiant Capital Markets Issues Pessimistic Forecast for Phunware (NASDAQ:PHUN) Stock Price

Phunware (NASDAQ:PHUN) had its price target reduced by investment analysts at Ascendiant Capital Markets from $20.00 to $13.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Ascendiant Capital Markets’ target price suggests a potential upside of 160.00% from the company’s current price.

Separately, HC Wainwright lowered shares of Phunware from a “buy” rating to a “neutral” rating and lowered their price target for the company from $9.00 to $6.00 in a research note on Tuesday.

Phunware Stock Down 6.4 %

Shares of NASDAQ:PHUN opened at $5.00 on Tuesday. Phunware has a 12 month low of $2.85 and a 12 month high of $24.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.82 and a current ratio of 3.80. The company’s fifty day simple moving average is $5.28 and its 200 day simple moving average is $5.31.

Institutional Trading of Phunware

An institutional investor recently bought a new position in Phunware stock. Virtu Financial LLC bought a new stake in Phunware, Inc. (NASDAQ:PHUN) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,196 shares of the company’s stock, valued at approximately $91,000. Virtu Financial LLC owned approximately 0.12% of Phunware at the end of the most recent quarter. Institutional investors own 7.57% of the company’s stock.

Phunware Company Profile

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.