Bastion Asset Management Inc. Takes Position in PowerFleet, Inc. (NASDAQ:AIOT)

Key Points

• Bastion Asset Management Inc. has invested approximately $2.87 million in PowerFleet, acquiring 496,825 shares, which constitutes 0.37% of the company as of its latest SEC filing.
• Several other institutional investors have also begun new positions in PowerFleet, contributing to a total institutional ownership of 73.40%.
• Wall Street analysts project a consensus price target of $10.50 for PowerFleet, with ratings varying from "hold" to "buy" among different analysts.

Bastion Asset Management Inc. purchased a new stake in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 496,825 shares of the company's stock, valued at approximately $2,869,000. Bastion Asset Management Inc. owned 0.37% of PowerFleet at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. NBC Securities Inc. bought a new position in PowerFleet during the first quarter valued at approximately $36,000. Comerica Bank bought a new position in shares of PowerFleet during the 4th quarter valued at $42,000. California State Teachers Retirement System acquired a new stake in shares of PowerFleet in the 4th quarter valued at $46,000. GAMMA Investing LLC acquired a new stake in shares of PowerFleet in the 1st quarter valued at $46,000. Finally, Legal & General Group Plc bought a new position in PowerFleet during the fourth quarter valued at about $58,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AIOT has been the topic of several analyst reports. Raymond James Financial lowered their price target on PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Barrington Research restated an "outperform" rating and set a $15.00 price target on shares of PowerFleet in a report on Friday, June 13th. Lake Street Capital set a $8.00 price objective on PowerFleet and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Finally, Wall Street Zen upgraded PowerFleet from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

PowerFleet Stock Down 2.0%

Shares of AIOT traded down $0.09 during trading hours on Monday, reaching $4.48. 702,875 shares of the company traded hands, compared to its average volume of 1,385,620. The company has a quick ratio of 1.00, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. The stock's fifty day moving average is $4.64 and its 200 day moving average is $5.46. PowerFleet, Inc. has a 1-year low of $3.70 and a 1-year high of $8.71.

About PowerFleet

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.