Phunware (NASDAQ:PHUN) experienced a decline of 4% on Monday, trading as low as $1.68 before closing at $1.69. The trading volume reached approximately 209,374 shares, significantly higher than the average daily volume of 124,050 shares. This drop follows a previous closing price of $1.76, prompting discussions among investors.
Market Analysts’ Perspectives
A number of brokerages have provided updated insights into Phunware’s stock. Notably, Weiss Ratings reaffirmed a “sell (e+)” rating for the shares in a report released on December 29, 2023. Meanwhile, HC Wainwright adjusted its price target from $3.00 to $2.00, offering a “neutral” outlook. Currently, one investment analyst has rated the stock as a Buy, another as Hold, and one as Sell. According to data from MarketBeat.com, Phunware holds an average rating of “Hold” with a consensus target price of $6.33.
Recent Earnings and Revenue Performance
Phunware released its most recent earnings results on November 6, 2023. The company reported an earnings per share (EPS) of ($0.12), surpassing analysts’ consensus estimates of ($0.14) by $0.02. Despite this positive deviation, Phunware recorded a negative return on equity of 10.45% and a staggering negative net margin of 505.26%. The revenue for the quarter stood at $0.62 million, exceeding the expected $0.53 million.
Looking ahead, analysts project that Phunware will report an EPS of (-0.97) for the current fiscal year, indicating ongoing challenges for the company.
Institutional investors have also been adjusting their positions in Phunware. Citadel Advisors LLC acquired a new stake worth approximately $303,000 in the third quarter, while Cantor Fitzgerald L.P. bought in for around $248,000. Additionally, Bank of America Corp DE significantly increased its holdings by 13,900.9%, bringing its total to 30,522 shares valued at $84,000.
As of now, institutional investors and hedge funds collectively own 7.57% of Phunware’s stock, signaling a cautious interest from larger financial entities.
Phunware, Inc. specializes in enterprise mobile software and services, offering a comprehensive suite of cloud-based solutions through its unified Mobile Application Platform. The company focuses on engaging and analyzing audiences across mobile devices, with product offerings that include location-based services such as indoor and outdoor mapping and real-time wayfinding.
Investors and analysts alike will be closely monitoring Phunware’s performance in the upcoming months as the company navigates its challenges and seeks to improve its market position.
