55,455 Shares in Powerfleet, Inc. (NASDAQ:AIOT) Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN acquired a new stake in Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 55,455 shares of the company's stock, valued at approximately $369,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Perritt Capital Management Inc purchased a new stake in shares of Powerfleet during the fourth quarter worth $1,567,000. Bandera Partners LLC bought a new position in Powerfleet during the fourth quarter valued at approximately $12,416,000. Geode Capital Management LLC acquired a new stake in Powerfleet in the fourth quarter valued at approximately $15,938,000. Diametric Capital LP bought a new stake in Powerfleet in the fourth quarter worth approximately $646,000. Finally, Alliancebernstein L.P. acquired a new position in shares of Powerfleet during the 4th quarter worth $627,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Powerfleet Stock Performance

Shares of NASDAQ:AIOT opened at $5.08 on Tuesday. The business has a 50 day moving average price of $5.41 and a 200 day moving average price of $6.07. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21. Powerfleet, Inc. has a twelve month low of $3.70 and a twelve month high of $8.71.

Powerfleet (NASDAQ:AIOT - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13). As a group, equities analysts predict that Powerfleet, Inc. will post -0.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AIOT. Lake Street Capital upped their price objective on shares of Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. Northland Securities upped their price target on Powerfleet from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 11th. Raymond James cut their price objective on Powerfleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $15.00 target price on shares of Powerfleet in a research report on Thursday, February 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $11.25.

About Powerfleet

PowerFleet, Inc engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets.

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