Ameriprise Financial Inc. Acquires New Holdings in Powerfleet, Inc. (NASDAQ:AIOT)

Ameriprise Financial Inc. bought a new stake in Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 1,583,588 shares of the company's stock, valued at approximately $10,547,000. Ameriprise Financial Inc. owned about 1.20% of Powerfleet at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. bought a new stake in shares of Powerfleet in the 4th quarter valued at about $43,134,000. Ontario Teachers Pension Plan Board purchased a new stake in Powerfleet during the fourth quarter valued at approximately $28,543,000. 325 Capital LLC acquired a new stake in Powerfleet in the fourth quarter valued at approximately $24,737,000. Royce & Associates LP acquired a new stake in Powerfleet in the fourth quarter valued at approximately $24,487,000. Finally, Private Management Group Inc. purchased a new position in Powerfleet in the fourth quarter worth $23,147,000. 73.40% of the stock is currently owned by institutional investors.

Powerfleet Stock Down 0.5%

NASDAQ:AIOT opened at $5.94 on Tuesday. 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. The firm has a fifty day simple moving average of $5.28 and a 200-day simple moving average of $6.10.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AIOT shares. Barrington Research reiterated an "outperform" rating and set a $15.00 price objective on shares of Powerfleet in a report on Thursday, February 13th. Raymond James reduced their target price 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 raised 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. Finally, Northland Securities boosted their price target on Powerfleet from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 11th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Powerfleet has an average rating of "Buy" and a consensus target price of $11.25.

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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