Ancora Advisors LLC Takes Position in PowerFleet, Inc. $AIOT

Ancora Advisors LLC purchased a new position in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 428,790 shares of the company's stock, valued at approximately $1,642,000. Ancora Advisors LLC owned approximately 0.32% of PowerFleet as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in AIOT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of PowerFleet by 1.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company's stock valued at $888,000 after purchasing an additional 2,871 shares during the period. Connors Investor Services Inc. boosted its holdings in PowerFleet by 5.7% in the 4th quarter. Connors Investor Services Inc. now owns 56,000 shares of the company's stock worth $298,000 after buying an additional 3,000 shares during the last quarter. R Squared Ltd increased its stake in PowerFleet by 40.6% during the 4th quarter. R Squared Ltd now owns 16,073 shares of the company's stock worth $86,000 after buying an additional 4,640 shares in the last quarter. Royal Bank of Canada increased its stake in PowerFleet by 76.9% during the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company's stock worth $34,000 after buying an additional 4,883 shares in the last quarter. Finally, Clarus Group Inc. raised its holdings in shares of PowerFleet by 26.7% during the first quarter. Clarus Group Inc. now owns 25,790 shares of the company's stock valued at $79,000 after acquiring an additional 5,434 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on AIOT shares. UBS Group set a $7.00 target price on PowerFleet in a research report on Tuesday, June 16th. Wall Street Zen downgraded PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Craig Hallum reduced their price objective on PowerFleet from $9.00 to $6.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th. Barrington Research set a $10.00 price objective on PowerFleet in a report on Monday, August 10th. Finally, Zacks Research cut shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, PowerFleet has a consensus rating of "Hold" and an average price target of $7.40.

PowerFleet Price Performance

NASDAQ:AIOT opened at $3.01 on Thursday. PowerFleet, Inc. has a one year low of $2.78 and a one year high of $5.88. The stock has a market cap of $404.03 million, a PE ratio of -21.50 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.10. The stock has a 50 day moving average price of $3.81 and a 200 day moving average price of $3.58.

PowerFleet (NASDAQ:AIOT - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts' consensus estimates of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%.The company had revenue of $110.79 million for the quarter, compared to analyst estimates of $115.54 million. Equities research analysts expect that PowerFleet, Inc. will post 0.1 EPS for the current fiscal year.

PowerFleet announced that its board has approved a stock buyback plan on Tuesday, June 30th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its shares are undervalued.

About PowerFleet

PowerFleet, Inc NASDAQ: AIOT develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company's systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company's hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.

Want to see what other hedge funds are holding AIOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PowerFleet, Inc. (NASDAQ:AIOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source