Ascendiant Capital Markets Has Lowered Expectations for Phunware (NASDAQ:PHUN) Stock Price

Phunware (NASDAQ:PHUN) had its target price decreased by Ascendiant Capital Markets from $20.00 to $13.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Ascendiant Capital Markets’ price objective would indicate a potential upside of 145.75% from the stock’s current price.

Separately, HC Wainwright lowered Phunware from a “buy” rating to a “neutral” rating and decreased their price target for the company from $9.00 to $6.00 in a research report on Tuesday.

Phunware Price Performance

NASDAQ PHUN traded down $0.70 during mid-day trading on Tuesday, hitting $5.29. The company’s stock had a trading volume of 3,734,717 shares, compared to its average volume of 3,368,630. The stock’s fifty day simple moving average is $5.24 and its two-hundred day simple moving average is $5.32. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 0.06. Phunware has a 52-week low of $2.85 and a 52-week high of $24.49.

Institutional Inflows and Outflows

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