Phunware (NASDAQ:PHUN) Price Target Cut to $20.00

Phunware (NASDAQ:PHUN) had its price objective dropped by stock analysts at Ascendiant Capital Markets from $22.00 to $20.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Separately, HC Wainwright cut their price target on shares of Phunware from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, August 9th.

Phunware Stock Up 1.3 %

NASDAQ PHUN opened at $3.22 on Tuesday. The stock has a fifty day simple moving average of $4.46 and a 200-day simple moving average of $6.63. Phunware has a twelve month low of $3.09 and a twelve month high of $24.49. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.06.

Phunware (NASDAQ:PHUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.05. The company had revenue of $1.01 million during the quarter, compared to analyst estimates of $1.14 million. During the same quarter in the prior year, the company posted ($3.00) earnings per share. On average, sell-side analysts expect that Phunware will post -1.32 earnings per share for the current year.

Insider Transactions at Phunware

In other news, CEO Michael Snavely sold 6,000 shares of the company’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $5.67, for a total transaction of $34,020.00. Following the completion of the transaction, the chief executive officer now directly owns 19,143 shares of the company’s stock, valued at approximately $108,540.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of Phunware

A hedge fund recently bought a new stake in Phunware stock. Murchinson Ltd. purchased a new position in shares of Phunware, Inc. (NASDAQ:PHUN) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $90,000. Murchinson Ltd. owned approximately 0.12% of Phunware as of its most recent SEC filing. 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.