Mobile software and blockchain company Phunware, Inc. (NASDAQ: PHUN) has entered into a partnership with Singapore-based Master System Integrator, PrimusTech. The partnership is aimed at providing Phunware’s Smart Solutions on mobile.
Following the news, shares of the company appreciated marginally during yesterday’s trading session. However, it pared its gains completely to close at $3.03.
Phunware is expected to report its upcoming earnings on March 24, 2022.
Strategic Impact
With this partnership, Phunware allies with a prominent Master System Integrator in the region like PrimusTech. The partnership will enable Phunware to offer its Multiscreen-as-a-Service (MaaS) solutions to users in Asia, which includes, among other features, contactless digital access, room-booking and occupancy management.
Management Commentary
COO of Phunware, Randall Crowder, said “We’re thrilled to expand into Asia by partnering with a recognized industry-leader like PrimusTech, whose customer-centric focus and deep domain expertise enables them to support true digital transformation. Seamless mobility solutions like MaaS will not only drive operational efficiency, but also maximize the utilization and return on investment for the innovative technologies PrimusTech integrates that convert raw data into actionable information.”
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Analyst Ratings
The Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 unanimous Buys. The average Phunware stock prediction of $5.25 implies that the stock has upside potential of 71.6% from current levels. Shares have gained about 203% over the past year.
News Sentiment
News Sentiment for Phunware is Neutral, based on 3 articles over the past seven days. About half the articles have Bullish sentiment, compared to a sector average of 61%, and the remaining half have Bearish Sentiment, compared to a sector average of 39%.
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