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On Friday, Ascendiant Capital analysts raised the price target for Phunware, Inc. (NASDAQ: PHUN) stock to $12.50 from the previous target of $12.00. The analysts maintained their Buy rating on the stock, citing attractive valuation. According to InvestingPro data, the stock is currently trading at a low Price/Book multiple of 0.57x, suggesting potential undervaluation.
The analysts expressed confidence in the stock’s potential, mentioning the significant upside from the current share price. They believe the new valuation appropriately balances the company’s high risks with its growth prospects and large upside opportunities. The stock has experienced significant volatility, with a beta of 2.4 and a 36% decline over the past six months.
The decision to raise the price target is based on a net present value analysis. The analysts’ comments reflect optimism about the company’s future performance.
Phunware, Inc., a technology company, continues to attract attention from investors due to its growth potential. The market will be closely watching how the stock performs following this updated price target.
In other recent news, Phunware, Inc. reported its first-quarter financial results for 2025, revealing a revenue of $0.7 million, a slight increase from the fourth quarter of 2024. The company secured additional bookings, including a $0.5 million deal with a multi-location healthcare facility, and acquired three new hospitality customers. Analysts at H.C. Wainwright maintained a Neutral rating for Phunware, lowering the price target to $3.00 from $6.00 due to concerns over long-term strategy and rising operating expenses. Ascendiant Capital also adjusted its price target for Phunware, reducing it to $12.00 from $13.00, while maintaining a Buy rating, citing significant growth prospects despite the company’s high-risk profile. At the 2024 Annual Meeting of Stockholders, Phunware elected Quyen Du as a Class III director and ratified Marcum LLP as its independent accounting firm. The company highlighted a strong financial position with approximately $110 million in cash, which is anticipated to be used for mergers and acquisitions. Despite positive developments, analysts expressed concerns about Phunware’s cash burn and advertiser trends, which may pose challenges in the coming quarters.
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