BlackRock Inc. Invests $39.49 Million in PowerFleet, Inc. $AIOT

Key Points

• BlackRock purchased 10.31 million PowerFleet shares worth approximately $39.5 million, taking a 7.68% stake. Institutional investors collectively own 73.4% of the company.
• PowerFleet’s latest quarterly results beat EPS expectations, reporting a $0.01 loss per share versus the projected $0.02 loss, but revenue of $110.79 million fell short of the $115.54 million estimate.
• The company authorized a $30 million share repurchase program, while analyst sentiment remains mixed: PowerFleet has a consensus “Hold” rating and an average price target of $7.40, compared with its reported share price of $2.93.

BlackRock Inc. purchased a new position in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 10,310,458 shares of the company's stock, valued at approximately $39,489,000. BlackRock Inc. owned 7.68% of PowerFleet at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hurley Capital LLC purchased a new stake in shares of PowerFleet in the 4th quarter worth $32,000. State of Wyoming acquired a new stake in PowerFleet during the 2nd quarter valued at approximately $27,000. Kemnay Advisory Services Inc. purchased a new stake in shares of PowerFleet in the 4th quarter valued at $48,000. MGO One Seven LLC acquired a new stake in shares of PowerFleet in the fourth quarter worth $55,000. Finally, Royal Bank of Canada increased its stake in shares of PowerFleet by 76.9% in the first quarter. Royal Bank of Canada now owns 11,233 shares of the company's stock worth $34,000 after acquiring an additional 4,883 shares during the period. Institutional investors own 73.40% of the company's stock.

PowerFleet Price Performance

Shares of NASDAQ AIOT opened at $2.93 on Wednesday. The stock has a market cap of $393.29 million, a P/E ratio of -20.93 and a beta of 1.39. PowerFleet, Inc. has a twelve month low of $2.78 and a twelve month high of $5.88. The stock has a 50 day moving average of $3.73 and a two-hundred day moving average of $3.54. The company has a current ratio of 1.10, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48.

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

PowerFleet announced that its Board of Directors has approved a share repurchase program on Tuesday, June 30th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to purchase up to 6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

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

PowerFleet Company 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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