Ascendiant Capital Markets Cuts Phunware (NASDAQ:PHUN) Price Target to $25.00

Phunware (NASDAQ:PHUNGet Free Report) had its price target cut by analysts at Ascendiant Capital Markets from $75.00 to $25.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Ascendiant Capital Markets’ price target would indicate a potential upside of 179.02% from the company’s previous close.

Other analysts have also issued reports about the company. HC Wainwright raised their target price on Phunware to $12.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. Roth Mkm restated a “buy” rating and issued a $20.00 target price (down from $25.00) on shares of Phunware in a research note on Wednesday, March 13th.

Read Our Latest Research Report on Phunware

Phunware Stock Performance

Phunware stock opened at $8.96 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a fifty day moving average price of $12.91 and a two-hundred day moving average price of $9.33. Phunware has a 52-week low of $3.50 and a 52-week high of $38.44. The firm has a market capitalization of $71.95 million, a P/E ratio of -0.48 and a beta of 2.43.

Institutional Trading of Phunware

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in Phunware by 5.0% in the first quarter. Geode Capital Management LLC now owns 944,966 shares of the company’s stock worth $671,000 after purchasing an additional 45,342 shares during the period. Price T Rowe Associates Inc. MD increased its position in Phunware by 67.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 78,624 shares of the company’s stock worth $56,000 after purchasing an additional 31,700 shares during the period. BlackRock Inc. increased its position in Phunware by 1.3% in the first quarter. BlackRock Inc. now owns 1,343,686 shares of the company’s stock worth $954,000 after purchasing an additional 17,357 shares during the period. Natixis increased its position in Phunware by 6.0% in the fourth quarter. Natixis now owns 530,000 shares of the company’s stock worth $413,000 after purchasing an additional 30,000 shares during the period. Finally, Virtu Financial LLC increased its position in Phunware by 205.2% in the fourth quarter. Virtu Financial LLC now owns 89,409 shares of the company’s stock worth $69,000 after purchasing an additional 60,116 shares during the period. 7.57% of the stock is currently owned by institutional investors and hedge funds.

Phunware Company Profile

(Get Free Report)

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.

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