PowerFleet (NASDAQ:AIOT) Stock Rating Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded PowerFleet from “strong sell” to “hold.” Overall analyst sentiment remains “Hold,” with an average price target of $7.40.
• PowerFleet shares opened at $2.69, near their 12-month low of $2.55, while the company reported a quarterly loss of $0.01 per share—better than the expected $0.02 loss—but revenue of $110.79 million missed estimates.
• The company authorized a $30 million share repurchase program, allowing it to buy back up to 6% of outstanding shares; institutional investors and hedge funds own 73.4% of the stock.

PowerFleet (NASDAQ:AIOT - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Monday, Zacks reports.

AIOT has been the topic of a number of other reports. Northland Securities set a $7.00 price objective on shares of PowerFleet in a research note on Tuesday, August 11th. Barrington Research set a $10.00 target price on shares of PowerFleet in a research note on Monday, August 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of PowerFleet in a research note on Friday, September 11th. Wall Street Zen downgraded shares of PowerFleet from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, Raymond James Financial downgraded shares of PowerFleet from an "outperform" rating to a "market perform" rating in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, PowerFleet has an average rating of "Hold" and an average price target of $7.40.

PowerFleet Stock Down 1.1%

AIOT opened at $2.69 on Monday. PowerFleet has a 12 month low of $2.55 and a 12 month high of $5.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.10 and a quick ratio of 0.96. The stock has a market cap of $361.08 million, a P/E ratio of 136.00 and a beta of 1.40. The stock's 50 day moving average price is $3.00 and its 200 day moving average price is $3.43.

PowerFleet (NASDAQ:AIOT - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. The firm had revenue of $110.79 million for the quarter, compared to the consensus estimate of $115.54 million. As a group, research analysts predict that PowerFleet will post 0.10 earnings per share for the current year.

PowerFleet announced that its Board of Directors has authorized a share buyback plan on Tuesday, June 30th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to purchase up to 6% of its stock through open market purchases. Share repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On PowerFleet

Several hedge funds have recently made changes to their positions in AIOT. State of Wyoming acquired a new stake in shares of PowerFleet during the 2nd quarter valued at $27,000. Royal Bank of Canada grew its holdings in shares of PowerFleet by 76.9% in the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company's stock worth $34,000 after acquiring an additional 4,883 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new position in shares of PowerFleet in the 1st quarter worth $35,000. Legal & General Group Plc acquired a new position in shares of PowerFleet in the 2nd quarter worth $48,000. Finally, Bienville Capital Management LLC acquired a new stake in shares of PowerFleet during the second quarter worth $54,000. Institutional investors and hedge funds own 73.40% of the company's stock.

About PowerFleet

Powerfleet, Inc NASDAQ: AIOT provides connected vehicle, asset and fleet-management solutions designed to help organizations improve safety, productivity, utilization and operational visibility. Its platform combines telematics hardware, software and data analytics to monitor vehicles, equipment and other mobile assets.

The company's products and services include fleet tracking and management, driver-safety tools, video telematics, asset tracking, maintenance and utilization monitoring, and solutions for logistics and supply-chain operations.

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