Ascendiant Capital Markets Cuts Phunware (NASDAQ:PHUN) Price Target to $13.00

Phunware (NASDAQ:PHUN) had its price objective lowered by Ascendiant Capital Markets from $20.00 to $13.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, HC Wainwright lowered shares of Phunware from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $9.00 to $6.00 in a report on Tuesday.

Phunware Stock Performance

Shares of Phunware stock traded down $0.30 during trading on Tuesday, hitting $4.63. The stock had a trading volume of 957,286 shares, compared to its average volume of 3,352,321. The business’s 50-day moving average is $5.32 and its 200 day moving average is $5.31. Phunware has a 12 month low of $2.85 and a 12 month high of $24.49. The company has a current ratio of 3.80, a quick ratio of 2.82 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On Phunware

An institutional investor recently bought a new position in Phunware stock. Virtu Financial LLC acquired a new stake in shares of Phunware, Inc. (NASDAQ:PHUN) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,196 shares of the company’s stock, valued at approximately $91,000. Virtu Financial LLC owned approximately 0.12% of Phunware as of its most recent SEC filing. Institutional investors and hedge funds 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.