Phunware (NASDAQ:PHUN) Price Target Cut to $13.00 by Analysts at Ascendiant Capital Markets

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

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

Phunware Stock Down 9.6 %

Shares of NASDAQ PHUN opened at $4.46 on Tuesday. The firm has a 50 day moving average price of $5.35 and a two-hundred day moving average price of $5.31. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.82 and a current ratio of 3.80. Phunware has a 52-week low of $2.85 and a 52-week high of $24.49.

Institutional Investors Weigh In On Phunware

A hedge fund recently bought a new stake in Phunware stock. Murchinson Ltd. purchased a new stake in shares of Phunware, Inc. (NASDAQ:PHUN) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $90,000. Murchinson Ltd. owned about 0.12% of Phunware at the end of the most recent quarter. 7.57% of the stock is currently owned by institutional investors.

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.