Phunware, Inc. (NASDAQ:PHUN) Short Interest Down 48.6% in March

Phunware, Inc. (NASDAQ:PHUN) saw a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 1,090,000 shares, a decline of 48.6% from the February 29th total of 2,120,000 shares. Based on an average daily volume of 4,220,000 shares, the short-interest ratio is presently 0.3 days.

Institutional Investors Weigh In On Phunware

Institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC acquired a new position in Phunware during the first quarter valued at approximately $29,000. Cetera Advisor Networks LLC bought a new stake in shares of Phunware in the first quarter worth $31,000. Vident Investment Advisory LLC bought a new stake in shares of Phunware in the first quarter worth $36,000. BlackRock Inc. grew its stake in shares of Phunware by 1.3% in the first quarter. BlackRock Inc. now owns 1,343,686 shares of the company’s stock worth $954,000 after purchasing an additional 17,357 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Phunware by 16.7% during the 1st quarter. Northern Trust Corp now owns 144,420 shares of the company’s stock worth $401,000 after purchasing an additional 20,623 shares in the last quarter. Institutional investors own 7.57% of the company’s stock.

Phunware Stock Down 7.6 %

Shares of NASDAQ:PHUN traded down $0.74 during midday trading on Thursday, reaching $8.96. The company had a trading volume of 671,389 shares, compared to its average volume of 4,508,310. Phunware has a 1-year low of $3.50 and a 1-year high of $38.44. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.35. The stock has a market cap of $71.95 million, a PE ratio of -0.48 and a beta of 2.38. The business’s 50 day moving average price is $13.04 and its 200 day moving average price is $9.41.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PHUN. Roth Mkm restated a “buy” rating and issued a $20.00 target price (down previously from $25.00) on shares of Phunware in a research note on Wednesday, March 13th. HC Wainwright increased their target price on Phunware to $12.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th.

About Phunware

Phunware, Inc, together with its subsidiaries, offers 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 cloud-based mobile software that licenses in software development kits (SDKs) form utilized inside mobile applications, such as analytics that provides 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; marketing automation that enables location-triggered messages and workflow; advertising; and location-based services that include mapping, navigation, wayfinding, workflow, asset management, and policy enforcement.