Northern Trust Corp Makes New Investment in Powerfleet, Inc. (NASDAQ:AIOT)

Northern Trust Corp acquired a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 867,298 shares of the company's stock, valued at approximately $5,776,000. Northern Trust Corp owned 0.65% of Powerfleet as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. The Manufacturers Life Insurance Company acquired a new position in Powerfleet in the fourth quarter valued at about $219,000. Tudor Investment Corp ET AL bought a new position in Powerfleet in the 4th quarter valued at about $484,000. Aquatic Capital Management LLC acquired a new position in shares of Powerfleet in the 4th quarter valued at approximately $134,000. Ghisallo Capital Management LLC bought a new stake in shares of Powerfleet during the 4th quarter worth approximately $6,660,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Powerfleet during the 4th quarter worth approximately $6,493,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Northland Securities raised their price target on shares of Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Tuesday, February 11th. Raymond James cut their price target on Powerfleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Lake Street Capital raised their price target on shares of Powerfleet from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Finally, Barrington Research reiterated an "outperform" rating and issued a $15.00 price target on shares of Powerfleet in a research report on Friday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $11.25.

Powerfleet Stock Performance

Shares of Powerfleet stock traded down $0.81 during trading hours on Monday, reaching $4.82. The company's stock had a trading volume of 6,872,218 shares, compared to its average volume of 1,528,105. Powerfleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. The stock's fifty day simple moving average is $5.23 and its two-hundred day simple moving average is $6.11.

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.