1492 Capital Management LLC Buys New Shares in PowerFleet, Inc. (NASDAQ:AIOT)

1492 Capital Management LLC purchased a new stake in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 397,072 shares of the company's stock, valued at approximately $2,180,000. 1492 Capital Management LLC owned 0.30% of PowerFleet at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in AIOT. Private Capital Management LLC purchased a new position in PowerFleet during the fourth quarter valued at approximately $45,504,000. Vanguard Group Inc. purchased a new position in PowerFleet during the fourth quarter valued at approximately $43,134,000. AWM Investment Company Inc. acquired a new stake in PowerFleet in the fourth quarter valued at approximately $31,000,000. Ontario Teachers Pension Plan Board acquired a new stake in PowerFleet in the fourth quarter valued at approximately $28,543,000. Finally, 325 Capital LLC acquired a new stake in PowerFleet in the fourth quarter valued at approximately $24,737,000. Institutional investors and hedge funds own 73.40% of the company's stock.

PowerFleet Stock Performance

Shares of PowerFleet stock traded down $0.06 on Friday, reaching $4.57. The stock had a trading volume of 819,585 shares, compared to its average volume of 1,649,658. The business's 50-day moving average price is $4.64 and its two-hundred day moving average price is $5.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.12. PowerFleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71. The stock has a market cap of $609.50 million, a P/E ratio of -10.63 and a beta of 1.32.

Analyst Ratings Changes

A number of analysts have issued reports on AIOT shares. Raymond James Financial reduced their target price on shares of PowerFleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Wall Street Zen upgraded shares of PowerFleet from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Barrington Research reiterated an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a research note on Friday, June 13th. Finally, Lake Street Capital set a $8.00 target price on shares of PowerFleet and gave the company a "buy" rating in a research note on Tuesday, May 27th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Company 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.