Phunware Inc [NASDAQ: PHUN] stock went on a downward path that fall over -25.07% on Friday, amounting to a one-week price decrease of less than -38.19%. The company report on February 23, 2024 at 8:30 AM that Phunware Announces Reverse Stock Split.
The Company’s Board of Directors (the “Board”) approved implementation of the reverse stock split upon the authorization granted by the Company’s stockholders at the annual meeting held on December 20, 2023, whereby the Company’s stockholders approved a proposal to grant the Company’s Board the discretion to affect a reverse stock split at a ratio of not less than one-for-ten (1:10) and not more than one-for-fifty (1:50), with such ratio to be determined by the Board. The reverse stock split is intended to increase the market price per share of the Company’s common stock to regain compliance with the minimum bid continued listing requirement of The Nasdaq Capital Market. All outstanding securities entitling their holders to purchase shares of common stock or acquire shares of common stock of the Company, including stock options and warrants, will be adjusted as a result of the reverse stock split, as required by the terms of those securities.
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Over the last 12 months, PHUN stock dropped by -80.36%. The one-year Phunware Inc stock forecast points to a potential upside of 77.91. The average equity rating for PHUN stock is currently 1.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $36.58 million, with 193.03 million shares outstanding and 188.76 million shares in the current float. Compared to the average trading volume of 118.03M shares, PHUN stock reached a trading volume of 117059699 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Phunware Inc [PHUN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PHUN shares is $0.86 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PHUN stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
ROTH Capital have made an estimate for Phunware Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 11, 2021. While these analysts kept the previous recommendation, Ascendiant Capital Markets raised their target price to Buy. The new note on the price target was released on June 16, 2020, representing the official price target for Phunware Inc stock.
The Average True Range (ATR) for Phunware Inc is set at 0.05, with the Price to Sales ratio for PHUN stock in the period of the last 12 months amounting to 2.32. The Price to Book ratio for the last quarter was 3.72, with the Price to Cash per share for the same quarter was set at 0.02.
PHUN Stock Performance Analysis:
Phunware Inc [PHUN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -38.19. With this latest performance, PHUN shares dropped by -45.22% in over the last four-week period, additionally sinking by -40.82% over the last 6 months – not to mention a drop of -80.36% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PHUN stock in for the last two-week period is set at 39.37, with the RSI for the last a single of trading hit 29.38, and the three-weeks RSI is set at 44.20 for Phunware Inc [PHUN]. The present Moving Average for the last 50 days of trading for this stock 0.2101, while it was recorded at 0.2592 for the last single week of trading, and 0.3038 for the last 200 days.
Insight into Phunware Inc Fundamentals:
Phunware Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.25 and a Current Ratio set at 0.30.
PHUN Stock EPS
With the latest financial reports released by the company, Phunware Inc posted -0.09/share EPS, while the average EPS was predicted by analysts to be reported at -0.08/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -12.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PHUN.
Phunware Inc [PHUN] Institutonal Ownership Details
The top three institutional holders of PHUN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PHUN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PHUN stock with ownership which is approximately 5.8325%.
