Shares of fully-integrated enterprise cloud platform provider for mobile phone users Phunware, Inc. (PHUN) rose almost 4% on Friday after the company announced the launch of its own cryptocurrency token, PhunCoin. It added another 3.8% to its gains to finally close at $1.09 in extended trade.
With the launch of PhunCoin, the company aims to empower customers by enabling them to take control of and be fairly compensated for their data.
Notably, PhunCoin will be managed by PhunWallet and offered with PhunToken to foster a dual token economy, which is subject to regulatory exemptions.
The CEO of Phunware, Alan S. Knitowski, said, “We launched PhunCoin to usher in a new era of transparency and accountability that enables consumers to determine not only what data they share and who they share it with, but also what that data is worth.” (See Phunware stock chart on TipRanks)
Recently, Roth Capital analyst Darren Aftahi reiterated a Buy rating on the stock with a price target of $1.75. The analyst’s price target implies upside potential of 66.7% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 unanimous Buys. The average Phunware price target of $1.88 implies that the stock has 79.1% upside potential from current levels. Shares have declined about 2.8% over the past year.