PowerFleet, Inc. (NASDAQ:AIOT) Stock Has Consensus Price Target of $7.40 According to Analysts

Key Points

• PowerFleet has a consensus “Hold” rating from six analysts, with three buys, two holds and one sell. The average 12-month price target is $7.40, well above the stock’s reported $2.55 price.
• Institutional investors own 73.4% of the company’s shares, while several funds recently initiated or increased positions in PowerFleet.
• PowerFleet reported quarterly EPS of $(0.01), beating estimates of $(0.02), but revenue of $110.79 million fell short of the $115.54 million forecast. The board also authorized a $30 million stock buyback, covering up to 6% of outstanding shares.

Shares of PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) have earned a consensus recommendation of "Hold" from the six brokerages that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $7.40.

Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PowerFleet in a research note on Friday, September 11th. Craig Hallum cut their price objective 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. Zacks Research raised shares of PowerFleet from a "strong sell" rating to a "hold" rating in a research report on Monday, October 12th. Barrington Research set a $10.00 price objective on shares of PowerFleet in a research note on Monday, August 10th. Finally, Northland Securities set a $7.00 target price on shares of PowerFleet in a research report on Tuesday, August 11th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. State of Wyoming purchased a new stake in shares of PowerFleet in the second quarter valued at $27,000. Royal Bank of Canada increased its stake in PowerFleet by 76.9% in the first quarter. Royal Bank of Canada now owns 11,233 shares of the company's stock valued at $34,000 after purchasing an additional 4,883 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new position in PowerFleet in the first quarter valued at $35,000. Legal & General Group Plc purchased a new position in PowerFleet during the second quarter worth about $48,000. Finally, Bienville Capital Management LLC purchased a new position in PowerFleet during the second quarter worth about $54,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

PowerFleet Stock Up 6.7%

AIOT opened at $2.55 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. The firm has a market cap of $342.29 million, a P/E ratio of -18.21 and a beta of 1.40. PowerFleet has a 52 week low of $2.29 and a 52 week high of $5.88. The business's fifty day simple moving average is $2.88 and its 200 day simple moving average is $3.42.

PowerFleet (NASDAQ:AIOT - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. The firm had revenue of $110.79 million during the quarter, compared to analysts' expectations of $115.54 million. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. As a group, equities research analysts anticipate that PowerFleet will post 0.10 EPS for the current fiscal year.

PowerFleet announced that its board has approved a stock buyback program on Tuesday, June 30th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to repurchase up to 6% of its stock through open market purchases. Share repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

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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