Essex Investment Management Co. LLC Buys New Position in PowerFleet, Inc. (NASDAQ:AIOT)

Key Points

• Essex Investment Management Co. LLC acquired 356,972 shares of PowerFleet, Inc. (NASDAQ:AIOT) worth approximately $1.96 million, increasing their ownership to 0.27% of the company.
• Notable recent purchases by other institutional investors include Private Capital Management LLC with a new stake valued at $45.5 million and Vanguard Group Inc. at $43.1 million.
• PowerFleet's stock saw a 5.4% decline recently, with current trading at around $4.24 per share, showing a market capitalization of $565.49 million.

Essex Investment Management Co. LLC acquired a new position in 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 institutional investor acquired 356,972 shares of the company's stock, valued at approximately $1,960,000. Essex Investment Management Co. LLC owned about 0.27% of PowerFleet as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Private Capital Management LLC acquired a new stake in shares of PowerFleet in the fourth quarter worth $45,504,000. Vanguard Group Inc. bought a new position in shares of PowerFleet in the fourth quarter valued at about $43,134,000. AWM Investment Company Inc. acquired a new stake in PowerFleet in the fourth quarter worth about $31,000,000. Ontario Teachers Pension Plan Board acquired a new position in shares of PowerFleet during the 4th quarter worth about $28,543,000. Finally, 325 Capital LLC acquired a new position in shares of PowerFleet during the 4th quarter worth about $24,737,000. Institutional investors and hedge funds own 73.40% of the company's stock.

PowerFleet Trading Down 6.4%

PowerFleet stock traded down $0.26 during trading hours on Friday, hitting $3.80. The stock had a trading volume of 1,518,664 shares, compared to its average volume of 1,392,471. The company has a quick ratio of 1.00, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. The stock has a market cap of $507.07 million, a price-to-earnings ratio of -8.84 and a beta of 1.35. PowerFleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The business's 50 day simple moving average is $4.52 and its 200-day simple moving average is $5.43.

Analyst Ratings Changes

Several equities research analysts have commented on AIOT shares. Lake Street Capital set a $8.00 target price on PowerFleet and gave the company a "buy" rating in a research note on Tuesday, May 27th. Wall Street Zen raised PowerFleet from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Raymond James Financial decreased their price objective on PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Finally, Barrington Research reissued an "outperform" rating and set a $15.00 target price on shares of PowerFleet in a report on Friday, June 13th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $10.50.

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.