HC Wainwright Downgrades Phunware (NASDAQ:PHUN) to Neutral

HC Wainwright downgraded shares of Phunware (NASDAQ:PHUN) from a buy rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has $6.00 price target on the stock, down from their prior price target 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 dropped their target price on shares of Phunware from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd.

Phunware Stock Down 9.6 %

PHUN opened at $4.46 on Tuesday. The firm has a 50 day simple moving average of $5.35 and a 200 day simple moving average of $5.31. Phunware has a fifty-two week low of $2.85 and a fifty-two week high of $24.49. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.80 and a quick ratio of 2.82.

Institutional Trading of Phunware

An institutional investor recently bought a new position in Phunware stock. Murchinson Ltd. bought a new stake in Phunware, Inc. (NASDAQ:PHUN) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 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 filing with the Securities and Exchange Commission (SEC). 7.57% of the stock is currently owned by institutional investors.

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.