PowerFleet, Inc. (NASDAQ:AIOT) Given Consensus Rating of "Hold" by Analysts

Key Points

• PowerFleet has a consensus “Hold” rating from six analysts: three rate it a buy, one a hold and two a sell. The average 12-month price target is $7.40.
• Recent analyst actions have been mixed but generally cautious, including downgrades from Zacks Research, Raymond James and Wall Street Zen; Craig Hallum maintained a buy rating while cutting its target from $9 to $6.
• PowerFleet’s shares opened at $3.05, near their 52-week low of $2.78. The company narrowly beat quarterly EPS expectations but missed revenue estimates, while its board authorized a $30 million share-repurchase program covering up to 6% of outstanding shares.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) has earned a consensus recommendation of "Hold" from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $7.40.

Several research firms have issued reports on AIOT. Zacks Research downgraded PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. UBS Group set a $7.00 target price on shares of PowerFleet in a report on Tuesday, June 16th. Raymond James Financial downgraded shares of PowerFleet from an "outperform" rating to a "market perform" rating in a research report on Tuesday, August 11th. Wall Street Zen lowered shares of PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Finally, Craig Hallum reduced their price target on shares of PowerFleet from $9.00 to $6.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th.

PowerFleet Stock Performance

Shares of NASDAQ AIOT opened at $3.05 on Monday. The stock's fifty day simple moving average is $3.77 and its 200 day simple moving average is $3.56. The stock has a market capitalization of $409.40 million, a price-to-earnings ratio of -21.78 and a beta of 1.43. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. PowerFleet has a 52-week low of $2.78 and a 52-week high of $5.88.

PowerFleet (NASDAQ:AIOT - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.01) EPS 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 business had revenue of $110.79 million during the quarter, compared to the consensus estimate of $115.54 million. As a group, sell-side analysts forecast that PowerFleet will post 0.1 earnings per share for the current fiscal year.

PowerFleet declared that its board has authorized a stock repurchase program on Tuesday, June 30th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

Institutional Trading of PowerFleet

A number of hedge funds have recently modified their holdings of AIOT. Hurley Capital LLC acquired a new position in PowerFleet during the fourth quarter valued at $32,000. State of Wyoming acquired a new stake in PowerFleet during the 2nd quarter worth about $27,000. Kemnay Advisory Services Inc. acquired a new stake in PowerFleet during the 4th quarter worth about $48,000. MGO One Seven LLC purchased a new position in PowerFleet during the 4th quarter valued at about $55,000. Finally, Royal Bank of Canada grew its stake in PowerFleet by 76.9% during the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company's stock valued at $34,000 after acquiring an additional 4,883 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

About PowerFleet

PowerFleet, Inc NASDAQ: AIOT develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company's systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company's hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source