Alliancebernstein L.P. Takes $627,000 Position in Powerfleet, Inc. (NASDAQ:AIOT)

Alliancebernstein L.P. acquired a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 94,130 shares of the company's stock, valued at approximately $627,000. Alliancebernstein L.P. owned about 0.07% of Powerfleet at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. bought a new stake in Powerfleet in the fourth quarter valued at $43,134,000. Royce & Associates LP purchased a new position in shares of Powerfleet during the fourth quarter valued at about $24,487,000. Private Management Group Inc. purchased a new stake in Powerfleet in the fourth quarter worth about $23,147,000. AEGON ASSET MANAGEMENT UK Plc bought a new stake in Powerfleet during the 4th quarter valued at approximately $11,034,000. Finally, Hodges Capital Management Inc. purchased a new position in shares of Powerfleet during the 4th quarter worth approximately $10,982,000. Institutional investors own 73.40% of the company's stock.

Powerfleet Trading Up 5.7 %

Shares of NASDAQ AIOT traded up $0.27 during trading on Thursday, reaching $5.02. The company had a trading volume of 232,323 shares, compared to its average volume of 1,527,386. The business's 50-day moving average is $5.82 and its 200 day moving average is $6.07. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a 12-month low of $3.70 and a 12-month high of $8.71.

Powerfleet (NASDAQ:AIOT - Get Free Report) last issued its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13). On average, sell-side analysts predict that Powerfleet, Inc. will post -0.32 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AIOT shares. Northland Securities lifted their price target on Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Tuesday, February 11th. Lake Street Capital increased their price target on shares of Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. Finally, Barrington Research reissued an "outperform" rating and set a $15.00 price objective on shares of Powerfleet in a research note on Thursday, February 13th.

Powerfleet Profile

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.