Ascendiant Capital Markets Issues Pessimistic Forecast for Phunware (NASDAQ:PHUN) Stock Price

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

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

Phunware Stock Down 6.1 %

Shares of NASDAQ:PHUN traded down $0.30 during mid-day trading on Tuesday, reaching $4.63. 957,286 shares of the company traded hands, compared to its average volume of 3,352,321. The company has a current ratio of 3.80, a quick ratio of 2.82 and a debt-to-equity ratio of 0.02. Phunware has a 52 week low of $2.85 and a 52 week high of $24.49. The company’s 50 day moving average price is $5.32 and its 200-day moving average price is $5.31.

Institutional Trading of Phunware

A hedge fund recently bought a new stake in Phunware stock. Virtu Financial LLC acquired a new position in Phunware, Inc. (NASDAQ:PHUN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 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.