Phunware’s stock (NASDAQ:PHUN) experienced a decline of 4% on Monday, falling to a low of $1.68 before closing at $1.69. During mid-day trading, approximately 209,374 shares changed hands, marking a significant increase of 69% compared to the average daily volume of 124,050 shares. The previous day’s closing price stood at $1.76, indicating a challenging market environment for the company.
Analyst Ratings and Market Reactions
Analysts on Wall Street have shared mixed opinions about Phunware’s stock. In a research report dated December 29, Weiss Ratings reaffirmed a “sell (e+)” rating. Meanwhile, HC Wainwright lowered its price target for the company from $3.00 to $2.00, assigning a “neutral” rating in a report released on November 18. Currently, one investment analyst has issued a Buy rating, while another has assigned a Hold rating. A third analyst has categorized the stock as a Sell. Data from MarketBeat.com indicates that Phunware has an average rating of “Hold” alongside a consensus target price of $6.33.
Recent Earnings Performance and Institutional Investments
In its most recent earnings report on November 6, 2023, Phunware reported an earnings per share (EPS) of ($0.12), surpassing analysts’ expectations of ($0.14) by $0.02. The company recorded a negative return on equity of 10.45% and a staggering negative net margin of 505.26%. Revenue for the quarter amounted to $0.62 million, exceeding the analyst estimate of $0.53 million. Analysts predict Phunware will post an EPS of ($0.97) for the current year.
Several institutional investors have recently adjusted their stakes in Phunware. Notably, Citadel Advisors LLC acquired a new stake valued at approximately $303,000 during the third quarter. Additionally, Cantor Fitzgerald L.P. invested around $248,000, while Bridgeway Capital Management LLC bought into the company for approximately $138,000. Bank of America Corp DE significantly increased its holdings by 13,900.9%, now owning 30,522 shares valued at $84,000 after purchasing an additional 30,304 shares. As of now, institutional investors and hedge funds collectively own 7.57% of Phunware’s stock.
Phunware, Inc. is a technology company specializing in enterprise mobile software and services. Its comprehensive Mobile Application Platform (MAP) offers a suite of cloud-based solutions designed to engage, monetize, and analyze audiences across mobile devices. The company supports the complete lifecycle of mobile applications, from development to user identity and data-driven marketing, with services such as indoor and outdoor mapping, real-time wayfinding, geofencing, and proximity notifications.
As market dynamics continue to evolve, stakeholders will be closely monitoring Phunware’s performance amidst the backdrop of fluctuating analyst opinions and institutional activity.
