Why Phunware's Stock Is Trading Higher Today

Phunware PHUN shares are trading higher after the company reported it begun selling its cryptocurrency, PhunToken. Also, Roth Capital initiated coverage on the stock with a Buy rating and a $2.50 price target.

"For cryptocurrency to truly realize mainstream adoption, it's imperative that real companies with real teams build real solutions to real problems in the real world," said Randall Crowder, COO of Phunware.

Phunware is a software company. It is a Multiscreen as a Service integrated enterprise software platform for mobile that provides companies the products, solutions and data and services necessary to engage, manage and monetize its mobile application audiences.

The stock was trading 13.41% higher at $1.39 per share at the time of writing. The stock has a 52-week high of $3.3380 and a 52-week low of $0.6020.