Short Interest in Phunware Inc (NASDAQ:PHUN) Increases By 27.7%

Phunware Inc (NASDAQ:PHUN) was the target of a large growth in short interest in July. As of July 15th, there was short interest totalling 2,950,000 shares, a growth of 27.7% from the June 30th total of 2,310,000 shares. Based on an average daily volume of 5,380,000 shares, the days-to-cover ratio is currently 0.5 days. Approximately 9.5% of the shares of the company are sold short.

In other Phunware news, Director Eric Manlunas sold 21,694 shares of Phunware stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $1.51, for a total value of $32,757.94. Following the completion of the sale, the director now owns 112,199 shares in the company, valued at approximately $169,420.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 22.90% of the stock is owned by insiders.

Several large investors have recently modified their holdings of PHUN. Russell Investments Group Ltd. acquired a new position in shares of Phunware in the 1st quarter valued at approximately $94,000. Geode Capital Management LLC increased its position in Phunware by 186.7% during the 4th quarter. Geode Capital Management LLC now owns 193,331 shares of the company’s stock worth $230,000 after purchasing an additional 125,887 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Phunware by 103.1% during the 1st quarter. Alliancebernstein L.P. now owns 86,100 shares of the company’s stock worth $58,000 after purchasing an additional 43,700 shares in the last quarter. Institutional investors own 23.21% of the company’s stock.

Several brokerages have weighed in on PHUN. Taglich Brothers reiterated a “speculative buy” rating on shares of Phunware in a research note on Tuesday, May 19th. Zacks Investment Research cut shares of Phunware from a “buy” rating to a “hold” rating in a research note on Tuesday, May 26th. Finally, Ascendiant Capital Markets started coverage on shares of Phunware in a research note on Tuesday, June 16th. They issued a “buy” rating and a $4.00 price objective for the company.

Shares of NASDAQ:PHUN traded up $0.03 during midday trading on Friday, hitting $1.49. The stock had a trading volume of 6,351,657 shares, compared to its average volume of 6,706,449. The company’s 50-day moving average price is $1.33 and its 200-day moving average price is $1.01. The company has a market capitalization of $61.02 million, a P/E ratio of -4.38 and a beta of 15.97. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.11. Phunware has a fifty-two week low of $0.54 and a fifty-two week high of $3.00.

Phunware (NASDAQ:PHUN) last issued its earnings results on Friday, May 15th. The company reported ($0.10) EPS for the quarter. The firm had revenue of $2.64 million during the quarter. Phunware had a negative net margin of 80.97% and a negative return on equity of 266.76%. Research analysts expect that Phunware will post -0.33 EPS for the current fiscal year.

Phunware Company Profile

Phunware Inc, together with its subsidiaries, provides Multiscreen-as-a-Service (Maas) and Data-as-a-Service (DaaS) enterprise software platform for mobile devices. Its platform enables brands to engage, manage, and monetize their mobile application portfolios. The company offers Cloud-Based Mobile Software Development Kits (SDKs), which include location-based services, mobile engagement, content management, messaging, advertising, and analytics; and mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application solutions.

Read More: Margin

Receive News & Ratings for Phunware Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phunware and related companies with MarketBeat.com's FREE daily email newsletter.