Is Phunware, Inc. overvalued or undervalued?

As of 11 June 2018, the valuation grade for Phunware, Inc. moved from does not qualify to risky. The company is currently overvalued based on its financial metrics. Key ratios include a Price to Book Value of 0.63, an EV to EBIT of 2.80, and an EV to EBITDA of 2.80. In comparison, Duos Technologies Group, Inc. has a P/E of -11.77 and an EV to EBITDA of -19.09, while Aware, Inc. shows a P/E of -10.20 and an EV to EBITDA of -5.72, indicating that Phunware's valuation ratios are relatively better but still reflect a risky investment.
In terms of stock performance, Phunware has underperformed significantly compared to the S&P 500, with a year-to-date return of -44.62% versus the S&P 500's 12.22%. Over the past three years, Phunware's return has plummeted by 96.85%, while the S&P 500 has gained 70.41%, reinforcing the notion that the stock is overvalued.