HC Wainwright Downgrades Phunware (NASDAQ:PHUN) to Neutral

Phunware (NASDAQ:PHUN) was downgraded by analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday,Finviz reports. They currently have a $6.00 price target on the stock, down from their prior price target of $9.00. HC Wainwright’s price objective indicates a potential upside of 0.17% from the company’s current price.

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

Phunware Stock Up 7.0 %

Shares of NASDAQ:PHUN opened at $5.99 on Tuesday. The company has a quick ratio of 2.82, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average price is $5.19 and its 200-day moving average price is $5.32. Phunware has a 1 year low of $2.85 and a 1 year high of $24.49.

Hedge Funds Weigh In On Phunware

A hedge fund recently bought a new stake in Phunware stock. Murchinson Ltd. acquired a new stake in shares of Phunware, Inc. (NASDAQ:PHUN) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,000 shares of the company’s stock, valued at approximately $90,000. Murchinson Ltd. owned approximately 0.12% of Phunware at the end of the most recent quarter. Hedge funds and other 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.