The stock of Phunware, Inc. (NASDAQ:PHUN) is now priced at $1.08 and the shares are 0.03 points up or 2.86% higher compared to its previous closing price of $1.05. The stock had 1.62 million contracts set over the past session. PHUN shares’ daily volume is compared to its average trading volume at 4.804 million shares. However, it has a float of 37.9 million and although its performance was 2.86% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the PHUN share price recently placing at $1.01 to $1.09. However, some brokerage firms have priced the stock below the average, including one that has called $2.

The shorts are running away from the Phunware, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the PHUN shares have declined. Short interest in the stock represents just 10.14% of its float, but the volume has dropped by -175822. The volume of shorted shares dropped to 3.843 million from 4.019 million shares over the last two weeks. The average intraday trading volume has been 4.794 million shares, which means that days to cover moved to roughly 1.

In the last trading session, Phunware, Inc. (NASDAQ:PHUN) raised by $0.03 over the week and lost -$0.5 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3. The stock recorded its established 52-week high on 05/20/20.

Since 04/06/20, the stock has traded to a low of $0.54 at 100%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, Phunware, Inc.’s two-week RSI is 34.24. This suggests that the stock is neutral at the moment and that PHUN shares’ price movement remains stable. The stochastic readings are equally revealing at 6.61% meaning the PHUN share price is currently in overbought territory.

The technical chart shows that the PHUN stock will likely settle at between $1.11 and $1.14 per share. However, if the stock dips below $1.03, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.98.

Currently, the stock is trading in the red of MACD, with a reading of -0.0617. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Maxim Group assigned PHUN a rating of Buy in their intiating review released on June 16.

The average rating for the PHUN equity is 2 and is currently gathering a bullish momentum. Of 2 analysts tracking Phunware, Inc. polled by Reuters, 0 rated PHUN as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.