Market News

Phunware Buys Additional 100 Bitcoins for $6.2M

Phunware, Inc. (PHUN) disclosed that it has bought an additional 100 bitcoins in an all-cash deal of $6.20 million, inclusive of fees and expenses. The company has paid an average price of about $62,030 per bitcoin.

Phunware engages in the development of a Multiscreen-as-a-Service platform, an enterprise cloud platform for mobile that provides products, solutions, data and services to brands worldwide. (See Phunware stock chart on TipRanks)

As of November 4, 2021, Phunware said it was holding nearly 127 bitcoins, which were acquired at an aggregate purchase price of $7.75 million (approximately $61,238 per bitcoin).

Price Target

Last month, H.C. Wainwright analyst Scott Buck reiterated a Buy rating on the stock with a price target of $2. The analyst’s price target implies downside potential of 52.6% from current levels.

Buch noted, “We expect the company to continue to utilize acquisitions as a complement to organic growth, which should begin to accelerate into 2022 as working conditions continue to normalize post COVID-19. The acceleration in revenue growth, return to more normalized gross margin, and more positive news flow as new contracts are announced should serve as powerful catalysts in attracting new investors.”

The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 2 Buys. The average Phunware price target of $1.88 implies 55.5% downside potential.

Smart Score

According to the TipRanks’ Smart Score rating system, Phunware gets a 6 out of 10, which indicates that the stock is likely to perform in line with market averages. (See Top Smart Score Stocks on TipRanks)

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