Ascendiant Capital Markets Cuts Phunware (NASDAQ:PHUN) Price Target to $13.00

Phunware (NASDAQ:PHUN) had its price target cut by Ascendiant Capital Markets from $20.00 to $13.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

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

Phunware Trading Down 10.9 %

Shares of PHUN stock opened at $5.34 on Tuesday. Phunware has a fifty-two week low of $2.85 and a fifty-two week high of $24.49. The company has a 50 day moving average price of $5.24 and a 200 day moving average price of $5.32. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.82 and a current ratio of 3.80.

Institutional Trading of Phunware

An institutional investor recently bought a new position in Phunware stock. Virtu Financial LLC acquired a new stake in Phunware, Inc. (NASDAQ:PHUN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,196 shares of the company’s stock, valued at approximately $91,000. Virtu Financial LLC owned approximately 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.

About Phunware

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.