Phunware (NASDAQ:PHUN) Trading 2% Higher – Here’s Why

Phunware (NASDAQ:PHUN)’s share price traded up 2% during trading on Tuesday . The company traded as high as $2.09 and last traded at $2.06. 138,958 shares changed hands during trading, an increase of 7% from the average session volume of 129,786 shares. The stock had previously closed at $2.02.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Phunware in a report on Friday, March 27th. Wall Street Zen upgraded Phunware from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Finally, HC Wainwright restated a “neutral” rating and set a $2.00 price objective on shares of Phunware in a report on Wednesday, March 25th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Phunware presently has an average rating of “Hold” and an average target price of $7.25.

Phunware Stock Up 2.0%

The company has a market cap of $42.13 million, a P/E ratio of -3.75 and a beta of 2.66. The business has a fifty day moving average price of $1.98 and a 200-day moving average price of $1.94.

Phunware (NASDAQ:PHUN) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. Phunware had a negative net margin of 451.68% and a negative return on equity of 11.19%. The company had revenue of $0.54 million during the quarter, compared to the consensus estimate of $0.70 million. As a group, research analysts expect that Phunware will post -0.57 earnings per share for the current year.

Institutional Investors Weigh In On Phunware

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Virtu Financial LLC acquired a new stake in shares of Phunware in the third quarter valued at approximately $28,000. Jane Street Group LLC raised its position in shares of Phunware by 2,255.3% in the first quarter. Jane Street Group LLC now owns 11,811 shares of the company’s stock valued at $35,000 after buying an additional 12,359 shares in the last quarter. HRT Financial LP acquired a new stake in shares of Phunware in the fourth quarter valued at approximately $25,000. Panagora Asset Management Inc. raised its position in Phunware by 98.2% during the fourth quarter. Panagora Asset Management Inc. now owns 28,523 shares of the company’s stock valued at $53,000 after purchasing an additional 14,134 shares in the last quarter. Finally, R Squared Ltd raised its position in Phunware by 146.6% during the fourth quarter. R Squared Ltd now owns 35,407 shares of the company’s stock valued at $66,000 after purchasing an additional 21,048 shares in the last quarter. 7.57% of the stock is currently owned by institutional investors and hedge funds.

Phunware Company Profile

Phunware, Inc (NASDAQ: PHUN) is a technology company specializing in enterprise mobile software and services. Its unified Mobile Application Platform (MAP) delivers a comprehensive suite of cloud-based solutions designed to engage, monetize and analyze audiences across mobile devices. Through its multi-tenant SaaS architecture, Phunware supports the full lifecycle of mobile applications, from development and content management to user identity and data-driven marketing.

The company’s product offerings include location-based services such as indoor and outdoor mapping, real-time wayfinding, geofencing and proximity notifications.