Phunware (NASDAQ:PHUN) Rating Lowered to “Neutral” at HC Wainwright

HC Wainwright lowered shares of Phunware (NASDAQ:PHUN) from a buy rating to a neutral rating in a research note released on Tuesday morning, MarketBeat Ratings reports. They currently have $6.00 target price on the stock, down from their previous target price of $9.00. HC Wainwright also issued estimates for Phunware’s Q4 2024 earnings at ($0.17) EPS, FY2024 earnings at ($1.07) EPS and FY2025 earnings at ($0.52) EPS.

Separately, Ascendiant Capital Markets lowered their price objective on Phunware from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd.

Phunware Price Performance

Shares of Phunware stock opened at $4.46 on Tuesday. The firm’s 50-day simple moving average is $5.35 and its 200-day simple moving average is $5.31. Phunware has a twelve month low of $2.85 and a twelve month high of $24.49. The company has a current ratio of 3.80, a quick ratio of 2.82 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On 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 first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,196 shares of the company’s stock, valued at approximately $91,000. Virtu Financial LLC owned about 0.12% of Phunware at the end of the most recent quarter. Institutional investors and hedge funds own 7.57% of the company’s stock.

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.