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Phunware, Inc. (PHUN) stock is popping high today: Why is it so?

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Shares of Phunware, Inc. (PHUN) stock were popping high today after the spread of the news that Phunware board of directors has authorized the Bitcoin purchases for the launch of the Blockchain ecosystem after which the PHUN stock price saw a push of  25.58% to reach $2.16 a share at the time of this writing.PHUN stock seemed green at the previous trading session and closed with a 6.17% gain. Let’s have a look at current events.

What’s happening?

Phunware, Inc is the provider of an integrated software platform to brands worldwide to monetize their mobile application portfolios.PHUN’s board of directors has authorized the Bitcoin purchases for the launch of its Maas Customer Data Platform and Maas Mobile Loyalty Ecosystem both of which are equipped with Blockchain technology.

PHUN stock is expected to release its mobile application PhunWallet on both iOS and android soon this month after getting approvals from Apple App Store and Google Play Store.PhunWallet will reward consumers PhunCoin and PhunToken for the value of their data and engagement, respectively.

Recent Developments:

According to the management, Phunware recently completed the purchase of 25.8 bitcoin at an average price of $58,133 per bitcoin. PHUN stock has recently signed an agreement with BitPay in order to expand its corporate benefits package. Employees would be provided cryptocurrency payroll options including Bitcoin, in connection with this agreement.

Financial View of PHUN stock:

On March 26, 2021, Phunware stock announced the fourth quarter and full-year 2020 financial results according to which PHUN stock recorded $10.0 million net revenue in 2020. Revenue from the MaaS platform totaled $9.1 million for PHUN in 2020. Gross margin was 66.4% in 2020 while net loss and net loss per share were $22.2 million and $0.50, respectively.

In the fourth quarter of 2020, earnings per share fell by 20% while the revenue was reduced by 24.93% as compared to the same period of the prior year to drop at $2,018,000 and missed the estimate of  $3,200,000.

Conclusion:

Investors are responding to the news of PHUN stock related to authorization of Bitcoin purchase by the board of directors of Phunware. Management is focused on the adoption of cryptocurrencies as well as providing blockchain services to various enterprises. Financial results of PHUN stock showed a declined growth in terms of its revenue. In a nutshell, deep fundamental and technical analysis is necessary before adding PHUN stock to the portfolio.

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