Market News

Phunware Unveils New Strategic Supplier Relationships; Shares Jump 20%

Phunware, Inc. (NASDAQ: PHUN) has revealed two new strategic supplier relationships and a new optimized PC series. Following the news, shares of the fully-integrated enterprise cloud platform for mobile jumped 19.9% on Thursday to close at $3.07. 

The company said that the relationships support a Consumer Electronics Show (CES) inspired series of optimized high-performance computers, which are provided by its LYTE Technology unit. These computers are designed for high-end gamers, traders, streamers, and cryptocurrency miners. 

The new computers from LYTE include the Gaming Series, Trading Series, Streaming Series, and Mining Series. Detailed terms on the supplier relationships were not provided by the company. 

Official Comments 

VP and GM of LYTE at Phunware, Caleb Borgstrom, commented, “With these new strategic supplier relationships, we took the guesswork out of selecting the right personal computer systems for power users’ needs.” 

Wall Street’s Take 

Recently, Roth Capital analyst Darren Aftahi reiterated a Buy rating on the stock but lowered the price target to $4 (30.29% upside potential) from $5. 

The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys. The average Phunware stock forecast of $4.75 implies 54.72% upside potential. Shares have gained 145.6% over the past six months. 

Risk Analysis 

According to the new TipRanks Risk Factors tool, Phunware stock is at risk mainly from three factors: Finance and Corporate, Ability to Sell, and Tech and Innovation, which contribute 40%, 19%, and 17%, respectively, to the total 70 risks identified for the stock.

Download the TipRanks mobile app now

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