Phunware (NASDAQ:PHUN) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Phunware (NASDAQ:PHUN) from a hold rating to a sell rating in a research note published on Sunday,Wall Street Zen reports.

Separately, Weiss Ratings upgraded Phunware from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $2.00.

Phunware Trading Down 1.9%

NASDAQ:PHUN opened at $2.04 on Friday. The company’s 50-day moving average price is $2.11 and its 200-day moving average price is $1.99. The company has a market cap of $41.74 million, a P/E ratio of -3.14 and a beta of 2.61. Phunware has a twelve month low of $1.56 and a twelve month high of $3.13.

Phunware (NASDAQ:PHUN) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.12). The business had revenue of $0.80 million for the quarter, compared to analysts’ expectations of $0.80 million. Phunware had a negative net margin of 471.72% and a negative return on equity of 13.79%.

Institutional Trading of Phunware

Several hedge funds have recently made changes to their positions in PHUN. Virtu Financial LLC purchased a new stake in shares of Phunware during the 3rd quarter valued at approximately $28,000. Jane Street Group LLC increased its stake in Phunware by 2,255.3% during the first quarter. Jane Street Group LLC now owns 11,811 shares of the company’s stock worth $35,000 after acquiring an additional 12,359 shares during the last quarter. HRT Financial LP acquired a new stake in Phunware during the fourth quarter worth $25,000. Panagora Asset Management Inc. raised its position in Phunware by 98.2% in the fourth quarter. Panagora Asset Management Inc. now owns 28,523 shares of the company’s stock valued at $53,000 after purchasing an additional 14,134 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Phunware by 13,900.9% in the 3rd quarter. Bank of America Corp DE now owns 30,522 shares of the company’s stock valued at $84,000 after purchasing an additional 30,304 shares during the last quarter. Hedge funds and other institutional investors own 7.57% of the company’s stock.

About Phunware

Phunware, Inc (NASDAQ: PHUN) is a technology company specializing in enterprise mobile software and services. Its unified Mobile Application Platform (MAP) delivers a comprehensive suite of cloud-based solutions designed to engage, monetize and analyze audiences across mobile devices. Through its multi-tenant SaaS architecture, Phunware supports the full lifecycle of mobile applications, from development and content management to user identity and data-driven marketing.

The company’s product offerings include location-based services such as indoor and outdoor mapping, real-time wayfinding, geofencing and proximity notifications.