AEGON ASSET MANAGEMENT UK Plc Sells 402,603 Shares of PowerFleet, Inc. $AIOT

Key Points

• AEGON ASSET MANAGEMENT UK Plc reduced its stake in PowerFleet by 16.9%, selling 402,603 shares to end the quarter with approximately 1.48% ownership valued at $8.5 million.
• CEO Steven Mark Towe and Director Michael J. Mcconnell both increased their holdings in PowerFleet, with Towe acquiring 23,157 shares and Mcconnell acquiring 10,000 shares during August.
• Recent analyst reports regarding PowerFleet show a mix of ratings: while Barrington Research maintains an "outperform" rating with a price target of $15.00, Weiss Ratings has issued a "sell (d-)" rating.

AEGON ASSET MANAGEMENT UK Plc lessened its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 16.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,975,815 shares of the company's stock after selling 402,603 shares during the period. AEGON ASSET MANAGEMENT UK Plc owned approximately 1.48% of PowerFleet worth $8,496,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in AIOT. CenterBook Partners LP boosted its position in shares of PowerFleet by 683.8% in the 1st quarter. CenterBook Partners LP now owns 2,877,826 shares of the company's stock worth $15,799,000 after purchasing an additional 2,510,674 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of PowerFleet in the 1st quarter worth $6,387,000. Nuveen LLC acquired a new stake in shares of PowerFleet in the 1st quarter worth $5,233,000. Lord Abbett & CO. LLC boosted its position in shares of PowerFleet by 90.7% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,859,466 shares of the company's stock worth $10,208,000 after purchasing an additional 884,547 shares in the last quarter. Finally, AYAL Capital Advisors Ltd acquired a new stake in shares of PowerFleet in the 1st quarter worth $4,721,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Activity at PowerFleet

In other PowerFleet news, CEO Steven Mark Towe acquired 23,157 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the acquisition, the chief executive officer owned 2,457,923 shares of the company's stock, valued at approximately $10,864,019.66. The trade was a 0.95% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael J. Mcconnell acquired 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was acquired at an average price of $4.64 per share, for a total transaction of $46,400.00. Following the completion of the acquisition, the director directly owned 28,028 shares of the company's stock, valued at $130,049.92. The trade was a 55.47% increase in their position. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

AIOT has been the subject of a number of recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of PowerFleet in a research report on Wednesday, October 8th. Wall Street Zen cut PowerFleet from a "hold" rating to a "sell" rating in a research report on Sunday. Barrington Research reaffirmed an "outperform" rating and set a $15.00 price target on shares of PowerFleet in a research report on Tuesday, September 23rd. Finally, Zacks Research raised PowerFleet from a "strong sell" rating to a "hold" rating in a research report on Monday. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, PowerFleet has an average rating of "Moderate Buy" and an average price target of $10.50.

PowerFleet Stock Performance

Shares of AIOT stock opened at $5.45 on Thursday. The stock has a market cap of $727.25 million, a PE ratio of -18.17 and a beta of 1.32. The business has a 50-day simple moving average of $4.92 and a 200-day simple moving average of $4.81. The company has a quick ratio of 0.92, a current ratio of 1.07 and a debt-to-equity ratio of 0.51. PowerFleet, Inc. has a 52-week low of $3.70 and a 52-week high of $8.71.

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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