Phunware, Inc. (NASDAQ:PHUN) Short Interest Down 48.6% in March

Phunware, Inc. (NASDAQ:PHUN) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 1,090,000 shares, a drop of 48.6% from the February 29th total of 2,120,000 shares. Based on an average daily trading volume, of 4,220,000 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Trading of Phunware

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Phunware by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 3,423,387 shares of the company’s stock worth $9,517,000 after purchasing an additional 134,012 shares during the period. Vontobel Holding Ltd. bought a new stake in Phunware in the first quarter valued at approximately $361,000. Jefferies Financial Group Inc. bought a new stake in Phunware in the fourth quarter valued at approximately $76,000. Bank of America Corp DE lifted its position in Phunware by 4,102.3% in the first quarter. Bank of America Corp DE now owns 89,130 shares of the company’s stock valued at $248,000 after purchasing an additional 87,009 shares during the last quarter. Finally, Citigroup Inc. lifted its position in Phunware by 2,113.5% in the first quarter. Citigroup Inc. now owns 91,086 shares of the company’s stock valued at $253,000 after purchasing an additional 86,971 shares during the last quarter. 7.57% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PHUN shares. HC Wainwright lifted their target price on Phunware to $12.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Roth Mkm reaffirmed a “buy” rating and issued a $20.00 price objective (down from $25.00) on shares of Phunware in a research note on Wednesday, March 13th.

Phunware Stock Performance

Shares of PHUN stock traded down $0.74 on Thursday, hitting $8.96. 671,389 shares of the stock were exchanged, compared to its average volume of 4,508,310. The firm’s 50 day moving average is $13.04 and its two-hundred day moving average is $9.41. The firm has a market capitalization of $71.95 million, a PE ratio of -0.48 and a beta of 2.38. Phunware has a one year low of $3.50 and a one year high of $38.44. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.35.

About Phunware

Phunware, Inc, together with its subsidiaries, offers 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 cloud-based mobile software that licenses in software development kits (SDKs) form utilized inside mobile applications, such as analytics that provides 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; marketing automation that enables location-triggered messages and workflow; advertising; and location-based services that include mapping, navigation, wayfinding, workflow, asset management, and policy enforcement.