Phunware (NASDAQ:PHUN) stock has witnessed a stellar recovery this year. It is up over 320% year-to-date. As this penny stock (learn more about penny stocks here) has marked massive growth, let’s look at the Street’s forecast for PHUN stock.
Phunware provides an enterprise cloud platform for mobile, facilitating improved management and monetization of mobile applications.
Factors Impacting PHUN Stock
It’s worth mentioning that this significant increase in PHUN stock came despite a decrease in revenues. For instance, Phunware’s net revenue marked a year-over-year decline in the first nine months of 2023. Nevertheless, the company’s endeavors to enhance the monetization of its technology, streamline operations, and implement cost-cutting measures are promising indicators for future growth.
Analyst’s Opinion
On February 6, Roth MKM analyst Darren Aftahi reiterated a Buy on PHUN stock. The analyst’s price target of $0.50 implies 48.63% upside potential from current levels. Aftahi expects the company to benefit from its focus on a higher-margin platform as a service (PaaS) offering, a new management team, and efforts to improve sales.
What is the Price Target for Phunware?
Phunware stock has an average price target of $1, implying 197.27% upside potential from current levels.
Further, PHUN stock sports a Strong Buy consensus rating based on three unanimous Buy recommendations.
Bottom Line
Though PHUN stock offers significant upside potential, investors should monitor its cash burn and pipeline growth. Meanwhile, investors can use TipRanks’ penny stock screener to find top-rated penny stocks.
