PowerFleet, Inc. $AIOT Stock Holdings Lessened by 325 Capital LLC

Key Points

• 325 Capital LLC reduced its holdings in PowerFleet, Inc. by 1.8%, selling 67,906 shares, and now owns approximately 3.65 million shares valued at around $20 million.
• In recent weeks, several institutional investors, including Wells Fargo and Dimensional Fund Advisors, have acquired new positions in PowerFleet, contributing to institutional ownership of 73.40%.
• PowerFleet's stock ratings have varied, with Wall Street analysts issuing a mix of downgrades and price targets, resulting in an average rating of "Moderate Buy" and a price target of $10.50.

325 Capital LLC lessened its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,646,379 shares of the company's stock after selling 67,906 shares during the period. PowerFleet accounts for 8.3% of 325 Capital LLC's holdings, making the stock its 5th biggest holding. 325 Capital LLC owned about 2.75% of PowerFleet worth $20,019,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Royal Bank of Canada raised its position in PowerFleet by 198.0% during the 1st quarter. Royal Bank of Canada now owns 91,365 shares of the company's stock worth $501,000 after purchasing an additional 60,705 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in shares of PowerFleet in the 1st quarter valued at about $6,387,000. Landscape Capital Management L.L.C. acquired a new stake in shares of PowerFleet in the first quarter valued at about $78,000. Corebridge Financial Inc. raised its position in shares of PowerFleet by 4.3% during the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company's stock worth $269,000 after acquiring an additional 2,036 shares during the last quarter. Finally, Samjo Management LLC raised its position in shares of PowerFleet by 44.1% during the first quarter. Samjo Management LLC now owns 2,102,200 shares of the company's stock worth $11,541,000 after acquiring an additional 642,850 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Insiders Place Their Bets

In other PowerFleet news, CEO Steven Mark Towe purchased 23,157 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was acquired at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the purchase, the chief executive officer owned 2,457,923 shares of the company's stock, valued at $10,864,019.66. This trade represents a 0.95% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael J. Mcconnell acquired 10,000 shares of the company's stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the completion of the purchase, the director directly owned 28,028 shares of the company's stock, valued at approximately $130,049.92. This represents a 55.47% increase in their position. The disclosure for this purchase can be found here. Insiders own 6.30% of the company's stock.

Analyst Ratings Changes

AIOT has been the topic of several analyst reports. Barrington Research reiterated an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a report on Friday, August 22nd. Lake Street Capital set a $8.00 price objective on shares of PowerFleet and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Zacks Research downgraded shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Finally, Wall Street Zen lowered shares of PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

PowerFleet Stock Up 12.3%

Shares of NASDAQ AIOT traded up $0.55 during midday trading on Friday, hitting $5.02. 3,398,299 shares of the stock traded hands, compared to its average volume of 1,704,639. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. PowerFleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The business has a 50 day moving average price of $4.40 and a two-hundred day moving average price of $5.01. The company has a market cap of $669.87 million, a PE ratio of -16.73 and a beta of 1.28.

About PowerFleet

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.