116,620 Shares in PowerFleet, Inc. $AIOT Bought by Algert Global LLC

Key Points

• Algert Global LLC acquired 116,620 shares of PowerFleet, Inc. valued at approximately $640,000, increasing its stake to about 0.09%.
• PowerFleet's CEO, Steven Mark Towe, purchased 23,157 shares at an average price of $4.42, increasing his ownership to over $10.8 million.
• Despite a recent deterioration in analyst ratings, with Zacks Research downgrading the stock to "strong sell," five analysts still rate it as a "buy."

Algert Global LLC acquired a new position in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 116,620 shares of the company's stock, valued at approximately $640,000. Algert Global LLC owned about 0.09% of PowerFleet at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. bought a new stake in shares of PowerFleet during the first quarter valued at approximately $172,000. The Manufacturers Life Insurance Company bought a new position in PowerFleet during the fourth quarter valued at $219,000. Legal & General Group Plc bought a new position in PowerFleet during the fourth quarter valued at $58,000. Bank of America Corp DE bought a new position in shares of PowerFleet in the fourth quarter worth about $1,487,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of PowerFleet in the fourth quarter worth about $360,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

PowerFleet Price Performance

AIOT traded down $0.15 on Thursday, hitting $4.65. 783,844 shares of the company's stock were exchanged, compared to its average volume of 1,945,161. The firm has a 50-day moving average price of $4.38 and a 200-day moving average price of $5.20. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The stock has a market cap of $620.11 million, a price-to-earnings ratio of -15.45 and a beta of 1.35. PowerFleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71.

Analysts Set New Price Targets

A number of research firms recently weighed in on AIOT. Zacks Research lowered shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Lake Street Capital set a $8.00 price objective on shares of PowerFleet and gave the company a "buy" rating in a research report on Tuesday, May 27th. Wall Street Zen lowered shares of PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Finally, Barrington Research reaffirmed an "outperform" rating and set a $15.00 target price on shares of PowerFleet in a report on Friday, August 22nd. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, PowerFleet presently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

Insider Activity

In other news, CEO Steven Mark Towe bought 23,157 shares of the business'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 purchase, the chief executive officer owned 2,457,923 shares of the company's stock, valued at approximately $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael J. Mcconnell bought 10,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average price of $4.64 per share, for a total transaction of $46,400.00. Following the completion of the purchase, the director directly owned 28,028 shares of the company's stock, valued at approximately $130,049.92. This trade represents a 55.47% increase in their position. The disclosure for this purchase can be found here. Company insiders own 6.30% of the company's stock.

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.