Nuveen Asset Management LLC Buys New Shares in Powerfleet, Inc. (NASDAQ:AIOT)

Nuveen Asset Management LLC purchased a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 987,609 shares of the company's stock, valued at approximately $6,577,000. Nuveen Asset Management LLC owned 0.75% of Powerfleet as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. bought a new position in shares of Powerfleet in the fourth quarter worth $43,134,000. Ontario Teachers Pension Plan Board bought a new stake in shares of Powerfleet during the 4th quarter worth approximately $28,543,000. 325 Capital LLC bought a new position in Powerfleet in the fourth quarter valued at approximately $24,737,000. Royce & Associates LP bought a new stake in Powerfleet during the fourth quarter worth $24,487,000. Finally, Private Management Group Inc. acquired a new stake in shares of Powerfleet in the 4th quarter valued at $23,147,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AIOT. Raymond James dropped their price objective on Powerfleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Barrington Research reaffirmed an "outperform" rating and set a $15.00 price target on shares of Powerfleet in a report on Friday, May 23rd. Northland Securities increased their price objective 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. Finally, Lake Street Capital set a $8.00 price target on shares of Powerfleet and gave the stock a "buy" rating in a report on Tuesday, May 27th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Powerfleet presently has a consensus rating of "Buy" and an average price target of $10.50.

Powerfleet Stock Performance

Shares of NASDAQ AIOT traded up $0.03 during trading on Wednesday, reaching $4.79. The company had a trading volume of 214,870 shares, compared to its average volume of 1,560,099. The company's fifty day moving average price is $5.07 and its 200-day moving average price is $6.06. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71.

Powerfleet 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.