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Phoenix Technologies (PTEC) shares have been hit hard today by a weaker-than-expected financial report for its fiscal fourth quarter ended September.

The company, which makes PC systems software, reported revenue of $17.2 million, down from $20 million a year ago, and well below the Street at $18.9 million. PTEC lost 7 cents a share on a non-GAAP basis, a penny worse than the Street had expected; on a GAAP basis the company lost 15 cents a share.

Phoenix Technologies (PTEC) shares are losing ground this morning after Roth Capital analyst Nathan Scheiderman cut his rating on the stock to Hold from Buy, while maintaining his price target of $4.50. The stock closed yesterday at $4.07. Schneiderman notes that PTEC has rallied more than 40% since reporting earnings in July.

Shares of computer BIOS software provider Phoenix Technologies (PTEC) are on the march, though the stocks gains have faded a bit during the day since the company this morning reported Q3 sales in line with estimates and a net loss per share not as bad as expected.

Revene rose 9% to $17.3 million, the company reported, ahead of the average $17 million estimate, while the loss of 10 cents, excluding some costs, was six cents less than estimates.

Software “bookings,” separate from revenue, rose 55% year over year.

Apparently desperate for some cash, Phoenix Technologies (PTEC) this morning announced the sale of 5.8 million shares at $2.25 apiece in a “direct” stock offering with institutional investors - a 28.5% discount to Friday’s closing price of $3.19.

The company expects net proceeds of $12 million, to be used for general corporate purposes.

PTEC today is down 44 cents, or 13.8%, to $2.75.

Phoenix Technologies (PTEC) shares are soaring this morning after Roth Capital analyst Nathan Schneiderman upped his rating on the stock to Buy from Hold, asserting that “the bad news is fully in the stock,” and that “the business likely troughed in the March quarter.”