HC Wainwright Downgrades Phunware (NASDAQ:PHUN) to Neutral

Phunware (NASDAQ:PHUN) was downgraded by HC Wainwright from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat.com reports. They presently have a $6.00 target price on the stock, down from their previous target price of $9.00. HC Wainwright’s price target suggests a potential upside of 20.00% from the stock’s previous close.

Separately, Ascendiant Capital Markets dropped their price objective on Phunware from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd.

Phunware Trading Down 6.4 %

NASDAQ PHUN opened at $5.00 on Tuesday. Phunware has a 1-year low of $2.85 and a 1-year high of $24.49. The stock has a 50-day moving average of $5.28 and a 200-day moving average of $5.31. 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

A hedge fund recently bought a new stake in Phunware stock. Virtu Financial LLC bought a new stake in shares of Phunware, Inc. (NASDAQ:PHUN) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,196 shares of the company’s stock, valued at approximately $91,000. Virtu Financial LLC owned 0.12% of Phunware as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 7.57% of the company’s stock.

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.