Bank of America Corp DE Acquires 526,120 Shares of PowerFleet, Inc. $AIOT

Key Points

• Bank of America acquired 526,120 PowerFleet shares worth approximately $2.0 million, giving it a 0.39% stake. Institutional investors collectively own 73.4% of AIOT, with BlackRock and AWM Investment also establishing new positions.
• PowerFleet reported a quarterly loss of $0.01 per share, beating estimates by $0.01, while revenue of $110.79 million fell short of the $115.54 million consensus forecast.
• The company authorized a $30 million stock-buyback program covering up to 6% of outstanding shares. AIOT traded at $2.84, while analysts maintained a consensus “Hold” rating and an average price target of $7.40.

Bank of America Corp DE acquired a new stake in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 526,120 shares of the company's stock, valued at approximately $2,015,000. Bank of America Corp DE owned 0.39% of PowerFleet at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AIOT. BlackRock Inc. bought a new position in PowerFleet during the second quarter valued at about $39,489,000. Private Management Group Inc. increased its stake in shares of PowerFleet by 1.1% during the 4th quarter. Private Management Group Inc. now owns 5,264,812 shares of the company's stock worth $28,009,000 after purchasing an additional 56,534 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of PowerFleet by 20.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company's stock worth $12,718,000 after purchasing an additional 698,112 shares during the last quarter. AWM Investment Company Inc. bought a new stake in shares of PowerFleet in the 2nd quarter worth approximately $14,709,000. Finally, 325 Capital LLC raised its holdings in shares of PowerFleet by 5.2% in the 4th quarter. 325 Capital LLC now owns 3,837,410 shares of the company's stock worth $20,415,000 after purchasing an additional 191,031 shares during the period. 73.40% of the stock is currently owned by institutional investors.

PowerFleet Stock Performance

NASDAQ:AIOT opened at $2.84 on Thursday. The business's fifty day moving average is $3.22 and its 200 day moving average is $3.45. The firm has a market cap of $381.21 million, a price-to-earnings ratio of -20.28 and a beta of 1.39. 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, Inc. has a 52-week low of $2.55 and a 52-week high of $5.88.

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. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%.The business had revenue of $110.79 million during the quarter, compared to the consensus estimate of $115.54 million. Research analysts predict that PowerFleet, Inc. will post 0.1 EPS for the current year.

PowerFleet announced that its board has initiated a stock buyback program on Tuesday, June 30th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

AIOT has been the subject of several research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of PowerFleet in a research note on Friday, September 11th. Northland Securities set a $7.00 price objective on shares of PowerFleet in a report on Tuesday, August 11th. Barrington Research set a $10.00 target price on shares of PowerFleet in a research report on Monday, August 10th. Raymond James Financial downgraded shares of PowerFleet from an "outperform" rating to a "market perform" rating in a research note on Tuesday, August 11th. Finally, Zacks Research lowered shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $7.40.

About PowerFleet

Powerfleet, Inc NASDAQ: AIOT is a global provider of connected vehicle and asset-management solutions. Its Internet of Things (IoT) and artificial intelligence technologies help organizations monitor, manage and optimize vehicles, equipment, cargo and other mobile assets.

The company offers fleet-management and telematics software, vehicle and asset tracking, driver and workplace safety tools, maintenance and utilization monitoring, logistics visibility, and connected video solutions.

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