PHUN - Lunch Phun

2024-03-04 12:39:35 ET

DENVER, Colo., Mar 04, 2024 ( 247marketnews.com )- We called Phunware (NASDAQ: PHUN ) out when it was trading at $8.44, up $1.36 (+19.21%), on 51.8K shares, in this morning’s premarket, as the action represented its most active early premarket sessions, since completing its 1-for-50 reverse stock split of its issued and outstanding common stock, on February 27, 2024.

Phunware is trading at $15.27, up $8.19 (+115.68%), on trading volume of 52,186,225 shares.

Just after Phunware’s shares were rolled back and the stock has been trading in the $7 range, we mentioned that the software company raised capital before the reverse and announced additional partnerships for its software products. More importantly, we stated that PHUNs estimated float was “under 3 million shares, which means its ripe for a post reverse bounce. It certainly should be on everyone’s low float radar.”

This morning, we further noted that it “has a nice gap from $10 to $12.”

PHUN may be the lunch time hold, as it has not broken down below VWAP.

Phunware’s about section states that its “mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware technologies, by leveraging brands, mobile consumers, partners and digital asset holders and market participants. With the activation of our recent Phunware 3.0 initiative, Phunware believes it is poised to expand its software products and services audience and verticals, utilize and monetize our patents and other intellectual property rights and interests, and update and reintroduce our digital asset ecosystem for existing holders and new market participants.”

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