Essex Investment Management Co. LLC Invests $1.96 Million 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 shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the 1st quarter, according to its most recent 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 0.27% of PowerFleet as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Private Capital Management LLC acquired a new stake in PowerFleet in the fourth quarter worth $45,504,000. Vanguard Group Inc. acquired a new stake in PowerFleet in the fourth quarter worth $43,134,000. AWM Investment Company Inc. acquired a new stake in PowerFleet in the fourth quarter worth $31,000,000. Ontario Teachers Pension Plan Board bought a new position in shares of PowerFleet in the fourth quarter valued at $28,543,000. Finally, 325 Capital LLC bought a new position in shares of PowerFleet in the fourth quarter valued at $24,737,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

PowerFleet Stock Performance

NASDAQ AIOT traded down $0.26 during trading hours on Friday, reaching $3.80. 1,518,664 shares of the company were exchanged, compared to its average volume of 1,392,471. PowerFleet, Inc. has a 1 year low of $3.70 and a 1 year high of $8.71. The business's 50 day simple moving average is $4.50 and its 200-day simple moving average is $5.41. 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 capitalization of $507.08 million, a P/E ratio of -8.84 and a beta of 1.35.

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.