Phunware (PHUN) Soars 14.7%: Is Further Upside Left in the Stock?
Phunware PHUN shares ended the last trading session 14.7% higher at $5.39. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 37.8% gain over the past four weeks.
Phunware is benefiting from strong customer retention and increased bookings particularly in the hospitality and healthcare sectors.
This company is expected to post quarterly loss of $0.26 per share in its upcoming report, which represents a year-over-year change of +89.6%. Revenues are expected to be $1.4 million, down 49.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Phunware, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PHUN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Phunware belongs to the Zacks Internet - Software industry. Another stock from the same industry, Snowflake Inc. SNOW, closed the last trading session 0.3% lower at $122.74. Over the past month, SNOW has returned 9.2%.
For Snowflake , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.15. This represents a change of -40% from what the company reported a year ago. Snowflake currently has a Zacks Rank of #3 (Hold).
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