Why did Phunware Inc (PHUN) stock could not hold on to its gains in the after-hours on Friday?

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ESTC Stock
ESTC Stock

Phunware Inc. (PHUN) shares lost 6.12% in after-hours on Friday, September 17, 2021, and closed the trading at $0.99. However, in the regular trading session of Friday, PHUN’s stock gained 3.96%. PHUN shares have risen 10.64% over the last 12 months, and they have moved up by 0.96% in the past week. Over the past three months, the stock has lost 19.23%, while over the past six months, it has declined 49.76%.

Let’s have a look at its recent news and developments.


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PHUN received another contract

On September 16, 2021, Phunware, Inc (PHUN) won a new Multiscreen-as-a-Service (MaaS) contract that will give Dignity Health, Yavapai Regional Medical Center (YRMC) in Prescott, Arizona a new digital front door application portfolio for mobile.

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Acquisition of Lyte Technology

On September 13, 2021, Phunware, Inc (PHUN) agreed to acquire Lyte Technology (Lyte), for a $10.32 million total purchase price in cash and stock. The company will pay $3.32 million cash at closing and the remaining $7.00 million subject to both time and financial performance requirements for the one year post-closing. The deal is expected to close within the next 45 days.

PHUN new appointments

On September 07, 2021, Phunware, Inc (PHUN) appointed Ryan Costello and Rahul Mewawalla to the Company’s Board of Directors.

Rahul Mewawalla is a digital, product, technology, and business leader. He has extensive strategic and operational leadership experience across digital, product, technology, platforms, and media companies.

Ryan Costello previously served in the United States Congress from 2015 to 2019, where he focused on digital commerce and technology issues.

PHUN participation at the recent investor conference

Phunware, Inc (PHUN) recently participated in the 10th Annual Gateway Conference, which was held virtually on September 8-9, 2021.

PHUN delivered a Digital solution to Virginia Hospital

On August 31, 2021, Phunware, Inc. (PHUN) delivered Digital Front Door on mobile for Virginia Hospital Center Health System (VHC) in Arlington, Virginia, covering more than 850,000 square feet of indoor medical space, in a collaboration with Kontakt.io.

Virginia Hospital Center Health System (VHC) is a 437-bed, not-for-profit teaching facility in the Washington, DC metropolitan area.

Launch of PhunCoin

On August 27, 2021, Phunware, Inc. (PHUN) launched PhunCoin, a security token that seeks to empower consumers to take control of and be compensated fairly for their data.

The new cryptocurrency will be managed by PhunWallet, which is available on Apple App Store and Google Play. It will work with PhunToken in support of a dual token economy that seeks to blockchain-enabled Phunware’s CDP.

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Conclusion

The new contract announcement on September 16 was the reason behind its gains on Friday but we are unable to find any valid reason behind its loss in the after-hours on Friday. We are pretty confident that it will perform well on Monday, after the weekend.

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