ABS Direct Equity Fund LLC Invests $646,000 in PowerFleet, Inc. $AIOT

Key Points

• ABS Direct Equity Fund LLC invested approximately $646,000 in PowerFleet, acquiring 150,000 shares, which now represent 1.0% of its portfolio.
• Institutional investors currently own 73.40% of PowerFleet's stock, with notable increases in stakes from firms like Vanguard Group and CenterBook Partners LP.
• Analyst ratings for PowerFleet include a downgrade by Wall Street Zen from a "hold" to a "sell," with a consensus rating of "Moderate Buy" and a target price of $10.50.

ABS Direct Equity Fund LLC acquired a new position in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 150,000 shares of the company's stock, valued at approximately $646,000. PowerFleet comprises 1.0% of ABS Direct Equity Fund LLC's portfolio, making the stock its 28th biggest holding. ABS Direct Equity Fund LLC owned 0.11% of PowerFleet at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in PowerFleet by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company's stock worth $36,923,000 after buying an additional 248,914 shares during the period. Private Management Group Inc. increased its stake in PowerFleet by 8.7% during the 1st quarter. Private Management Group Inc. now owns 3,778,478 shares of the company's stock worth $20,744,000 after buying an additional 303,004 shares during the period. Royce & Associates LP increased its stake in PowerFleet by 1.3% during the 1st quarter. Royce & Associates LP now owns 3,724,995 shares of the company's stock worth $20,450,000 after buying an additional 48,240 shares during the period. CenterBook Partners LP increased its stake in PowerFleet by 683.8% during the 1st quarter. CenterBook Partners LP now owns 2,877,826 shares of the company's stock worth $15,799,000 after buying an additional 2,510,674 shares during the period. Finally, Voss Capital LP increased its stake in PowerFleet by 40.7% during the 1st quarter. Voss Capital LP now owns 2,720,591 shares of the company's stock worth $14,936,000 after buying an additional 786,999 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on AIOT shares. Wall Street Zen downgraded shares of PowerFleet from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Zacks Research downgraded shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Finally, Barrington Research reissued an "outperform" rating and issued a $15.00 price objective on shares of PowerFleet in a research report on Tuesday. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, PowerFleet has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Trading Up 0.6%

NASDAQ AIOT opened at $5.19 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92. The firm's fifty day moving average price is $4.67 and its 200 day moving average price is $4.87. The company has a market capitalization of $692.55 million, a price-to-earnings ratio of -17.30 and a beta of 1.28. PowerFleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71.

Insiders Place Their Bets

In related news, Director Michael J. Mcconnell bought 10,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $4.64 per share, with a total value of $46,400.00. Following the transaction, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steven Mark Towe purchased 23,157 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $4.42 per share, with a total value of $102,353.94. Following the purchase, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 6.30% of the company's stock.

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.

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