AWM Investment Company Inc. Takes $14.71 Million Position in PowerFleet, Inc. $AIOT

Key Points

• AWM Investment Company acquired 3.84 million PowerFleet shares worth approximately $14.71 million, representing about 2.86% of the company and 1.3% of AWM’s portfolio. Institutional investors collectively own 73.4% of PowerFleet.
• PowerFleet’s shares opened at $2.94, near their 52-week low of $2.78, after the company reported a quarterly loss of $0.01 per share and revenue of $110.79 million, below analyst expectations.
• The company authorized a $30 million stock buyback, while analyst sentiment remains mixed: PowerFleet has a consensus “Hold” rating and an average price target of $7.40.

AWM Investment Company Inc. bought a new stake in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,840,463 shares of the company's stock, valued at approximately $14,709,000. PowerFleet comprises 1.3% of AWM Investment Company Inc.'s investment portfolio, making the stock its 25th largest position. AWM Investment Company Inc. owned about 2.86% of PowerFleet as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Royal Bank of Canada boosted its stake in shares of PowerFleet by 198.0% during the 1st quarter. Royal Bank of Canada now owns 91,365 shares of the company's stock worth $501,000 after acquiring an additional 60,705 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of PowerFleet by 275.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company's stock worth $1,116,000 after buying an additional 149,116 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of PowerFleet during the 1st quarter worth about $251,000. Goldman Sachs Group Inc. boosted its holdings in shares of PowerFleet by 15.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company's stock worth $5,739,000 after buying an additional 138,856 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in PowerFleet in the 1st quarter valued at about $3,670,000. Institutional investors own 73.40% of the company's stock.

PowerFleet Trading Down 2.3%

Shares of AIOT stock opened at $2.94 on Wednesday. The stock's fifty day moving average price is $3.83 and its two-hundred day moving average price is $3.59. The company has a market cap of $394.64 million, a PE ratio of -21.00 and a beta of 1.43. PowerFleet, Inc. has a fifty-two week low of $2.78 and a fifty-two week high of $5.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.10.

PowerFleet (NASDAQ:AIOT - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $110.79 million during the quarter, compared to the consensus estimate of $115.54 million. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. Equities analysts predict that PowerFleet, Inc. will post 0.1 EPS for the current fiscal year.

PowerFleet declared that its board has initiated a stock buyback plan on Tuesday, June 30th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to buy up to 6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently commented on AIOT shares. Wall Street Zen downgraded PowerFleet from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Zacks Research cut PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Northland Securities set a $7.00 price target on PowerFleet in a research note on Tuesday, August 11th. Craig Hallum decreased their price objective on PowerFleet from $9.00 to $6.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Finally, Raymond James Financial cut PowerFleet from an "outperform" rating to a "market perform" rating in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, PowerFleet presently has a consensus rating of "Hold" and an average target price of $7.40.

PowerFleet Profile

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.

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