Ameriprise Financial Inc. bought a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,583,588 shares of the company's stock, valued at approximately $10,547,000. Ameriprise Financial Inc. owned 1.20% of Powerfleet as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of AIOT. Ancora Advisors LLC acquired a new position in Powerfleet during the 4th quarter worth approximately $3,519,000. ArrowMark Colorado Holdings LLC bought a new stake in shares of Powerfleet during the fourth quarter worth $118,000. Ardsley Advisory Partners LP acquired a new position in shares of Powerfleet during the fourth quarter worth $666,000. 325 Capital LLC acquired a new position in shares of Powerfleet during the fourth quarter worth $24,737,000. Finally, Manatuck Hill Partners LLC bought a new position in shares of Powerfleet in the 4th quarter valued at $2,589,000. 73.40% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on AIOT. Raymond James reduced their price objective on Powerfleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Lake Street Capital boosted their price target on Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. Barrington Research reiterated an "outperform" rating and issued a $15.00 price objective on shares of Powerfleet in a report on Friday. Finally, Northland Securities lifted their target price on shares of Powerfleet from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $11.25.
Check Out Our Latest Stock Analysis on Powerfleet
Powerfleet Price Performance
NASDAQ AIOT traded down $0.81 during mid-day trading on Friday, reaching $4.82. 6,872,218 shares of the stock were exchanged, compared to its average volume of 1,528,105. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.21 and a quick ratio of 1.02. Powerfleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The stock has a 50 day simple moving average of $5.25 and a 200-day simple moving average of $6.11.
Powerfleet Profile
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Free Report)
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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