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Should You Add Shares of Phunware to Your Portfolio? -Breaking

by Mike Robinson

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© Reuters. Do You Need to Add Phunware Shares To Your Portfolio?

Software company Phunware’s (PHUN) shares sky-rocketed in price on October 22, due mainly to speculation surrounding its involvement in former President Donald Trump’s social media platform development. However, the stock’s price has since fallen on the company’s weak financials. So, let’s discuss if it is wise to add the stock to one’s portfolio now.Phunware, Inc. (PHUN) in Austin, Tex., is a pioneer of Multiscreen-as-a-Service (MaaS), a fully integrated enterprise cloud platform for mobile, and has made several partnerships and acquisitions. The stock has gained 330.7% in price over the past month to close yesterday’s trading session at $4.35. The shares had soared more than 1,000% on October 22 to hit their 52-week high of $24.04, due mainly to speculation that PHUN would play a significant role in former U.S. President Donald Trump’s latest attempt to launch a social media platform.

However, no reports have yet been published to confirm that PHUN would help develop Trump’s platform. According to the SEC filing, the company has also registered a common stock shelf offer for approximately $48.50 million of its shares. The result was a decrease in investor sentiment.

At the moment, shares are trading at 81.9% lower than their 52-week peak. Also, the latest quarter was unprofitable for the company. So, PHUN’s near-term prospects look bleak.

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