PowerFleet, Inc. (NASDAQ:AIOT) Stock Now Rated "Hold" by Wall Street Analysts

Key Points

• PowerFleet shares have an average “Hold” rating among six analysts, with two sells, one hold and three buys; the average 12-month price target is $7.40.
• AIOT opened at $2.83, near its 12-month low of $2.78, and is down 2.4%; the company reported quarterly EPS of $(0.01), better than the $(0.02) estimate, but revenue of $110.79 million fell short of expectations.
• Institutional investors and hedge funds own 73.4% of the stock, while PowerFleet has authorized a $30 million share repurchase program covering up to 6% of outstanding shares.

Shares of PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) have been assigned an average recommendation of "Hold" from the six research firms that are presently covering the company, MarketBeat.com reports. Two research 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 1 year target price among brokerages that have covered the stock in the last year is $7.40.

Several research firms have issued reports on AIOT. UBS Group set a $7.00 price target on shares of PowerFleet in a research report on Tuesday, June 16th. Zacks Research cut shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Northland Securities set a $7.00 target price on PowerFleet in a research report on Tuesday, August 11th. Weiss Ratings restated a "sell (d-)" rating on shares of PowerFleet in a research note on Friday, September 11th. Finally, Raymond James Financial cut PowerFleet from an "outperform" rating to a "market perform" rating in a report on Tuesday, August 11th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AIOT. Sequoia Financial Advisors LLC bought a new stake in PowerFleet in the 2nd quarter valued at $62,000. Bienville Capital Management LLC bought a new position in shares of PowerFleet during the 2nd quarter worth about $54,000. WINTON GROUP Ltd bought a new position in shares of PowerFleet during the 2nd quarter worth about $525,000. Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of PowerFleet by 60.3% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 18,115 shares of the company's stock valued at $69,000 after acquiring an additional 6,816 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of PowerFleet by 1,003.8% during the 2nd quarter. Squarepoint Ops LLC now owns 274,381 shares of the company's stock valued at $1,051,000 after acquiring an additional 249,523 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

PowerFleet Stock Down 2.4%

Shares of AIOT stock opened at $2.83 on Friday. PowerFleet has a 12 month low of $2.78 and a 12 month high of $5.88. The firm has a market cap of $379.87 million, a PE ratio of -20.21 and a beta of 1.39. The stock has a 50 day moving average of $3.33 and a 200-day moving average of $3.46. 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 (NASDAQ:AIOT - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. The business had revenue of $110.79 million for the quarter, compared to the consensus estimate of $115.54 million. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. On average, equities analysts predict that PowerFleet will post 0.1 EPS for the current year.

PowerFleet announced that its Board of Directors has authorized a stock buyback program on Tuesday, June 30th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to buy up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

About PowerFleet

Powerfleet, Inc NASDAQ: AIOT is a global provider of connected vehicle and asset-management solutions. Its Internet of Things (IoT) and artificial intelligence technologies help organizations monitor, manage and optimize vehicles, equipment, cargo and other mobile assets.

The company offers fleet-management and telematics software, vehicle and asset tracking, driver and workplace safety tools, maintenance and utilization monitoring, logistics visibility, and connected video solutions.

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