Phunware Inc. Stock surged 19% yesterday, is down 6% in the pre-market trades on Friday. The stock decreased by around 9%, trading at $2.79. The stock had surged earlier yesterday after the company made some strategic announcements.
Phunware Inc. Announced two strategic supplier relations, giving some information about the optimized PC series for CES. The announcements were made to support the Consumer Electronics Show (CES), and it also involves a CES-inspired series of optimized high-performance computers provided by its LYTE Technology unit.
“With these new strategic supplier relationships, we took the guesswork out of selecting the right personal computer systems for power users’ needs. Phunware launched these four newly optimized personal computers designed specifically for high-end gamers, traders, streamers and cryptocurrency miners in conjunction with CES in Las Vegas.” said Caleb Borgstrom, Vice President and General Manager of LYTE by Phunware.
The cause of the stock’s downfall is unclear. However, a probable reason could be a sell-off by short-sellers.
With a market capitalization of $295.524 million, Phunware Inc.’s (PHUN) stock rose around 20% after the news broke. The stock closed trading at $3.0700, up 0.5100 points (+19.92%).
The stock has peaked at $24.04 in the last 52 weeks while it has also gone down to as low as $0.8200. The one-year estimated earning target of the company is $5.44.
On Friday, the stock trades at $2.82, down 0.2500 points (-8.1433%) at 8:50 am EST.
About Phunware Inc. (PHUN)
Phunware Inc is a fully-integrated enterprise cloud platform providing products, solutions, data, and services for brands worldwide. The American mobile software and blockchain company was founded in 2009 in Austin, Texas, US. It mainly produces mobile applications for advertising and marketing purposes, for instance, personalized ad targeting, location tracking, and cryptocurrency brand loyalty programs.