Phunware, Inc. (NASDAQ:PHUN) Sees Significant Drop in Short Interest

Phunware, Inc. (NASDAQ:PHUN) saw a large decline in short interest in June. As of June 15th, there was short interest totalling 610,200 shares, a decline of 16.9% from the May 31st total of 734,200 shares. Currently, 7.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 396,000 shares, the short-interest ratio is currently 1.5 days.

Hedge Funds Weigh In On Phunware

A hedge fund recently bought a new stake in Phunware stock. Murchinson Ltd. bought a new stake in Phunware, Inc. (NASDAQ:PHUN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,000 shares of the company’s stock, valued at approximately $90,000. Murchinson Ltd. owned about 0.12% of Phunware at the end of the most recent reporting period. Institutional investors and hedge funds own 7.57% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PHUN shares. HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of Phunware in a research note on Monday, May 20th. Roth Mkm restated a “buy” rating and issued a $20.00 price target (down from $25.00) on shares of Phunware in a research report on Wednesday, March 13th. Finally, Ascendiant Capital Markets dropped their price target on Phunware from $75.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, April 1st.

Phunware Stock Performance

Phunware stock opened at $5.45 on Tuesday. Phunware has a twelve month low of $3.50 and a twelve month high of $27.00. The stock’s fifty day simple moving average is $6.32 and its 200-day simple moving average is $8.58. The company has a quick ratio of 2.77, a current ratio of 2.77 and a debt-to-equity ratio of 0.06.

Phunware (NASDAQ:PHUN) last posted its earnings results on Thursday, May 9th. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.05. The business had revenue of $0.92 million during the quarter, compared to analysts’ expectations of $1.15 million. During the same period last year, the company earned ($3.50) EPS. On average, analysts expect that Phunware will post -1.47 EPS for the current year.

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.