Blair William & Co. IL Has $3.96 Million Stake in PowerFleet, Inc. $AIOT

Key Points

• Blair William & Co. IL reduced its stake in PowerFleet, Inc. by 8.5% during Q2, now holding 917,858 shares valued at approximately $3.96 million.
• CEO Steven Mark Towe and Director Michael J. McConnell recently purchased shares in their own company, indicating insider confidence in PowerFleet's performance.
• Analyst ratings for PowerFleet have shifted, with some firms downgrading the stock to a "sell" rating, while Barrington Research maintains an "outperform" rating with a price target of $15.00.

Blair William & Co. IL trimmed its holdings in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 8.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 917,858 shares of the company's stock after selling 84,791 shares during the period. Blair William & Co. IL owned 0.69% of PowerFleet worth $3,956,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Oppenheimer & Co. Inc. bought a new position in shares of PowerFleet during the first quarter worth approximately $172,000. GAMMA Investing LLC bought a new position in shares of PowerFleet during the first quarter worth approximately $46,000. Teacher Retirement System of Texas bought a new position in shares of PowerFleet during the first quarter worth approximately $95,000. Corebridge Financial Inc. increased its stake in shares of PowerFleet by 4.3% during the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company's stock worth $269,000 after purchasing an additional 2,036 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of PowerFleet by 14.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company's stock worth $111,000 after purchasing an additional 2,594 shares during the period. Institutional investors own 73.40% of the company's stock.

PowerFleet Price Performance

PowerFleet stock opened at $5.14 on Tuesday. The stock's fifty day moving average price is $4.86 and its two-hundred day moving average price is $4.80. PowerFleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92. The firm has a market cap of $685.88 million, a PE ratio of -17.13 and a beta of 1.32.

Insider Buying and Selling at PowerFleet

In other PowerFleet news, CEO Steven Mark Towe purchased 23,157 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were bought at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the purchase, the chief executive officer owned 2,457,923 shares in the company, valued at approximately $10,864,019.66. This trade represents a 0.95% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael J. Mcconnell purchased 10,000 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was acquired at an average price of $4.64 per share, for a total transaction of $46,400.00. Following the purchase, the director owned 28,028 shares in the company, valued at approximately $130,049.92. The trade was a 55.47% increase in their position. The disclosure for this purchase can be found here. Company insiders own 6.30% of the company's stock.

Analyst Ratings Changes

AIOT has been the topic of a number of recent research reports. Wall Street Zen lowered PowerFleet from a "hold" rating to a "sell" rating in a research note on Sunday. Zacks Research lowered PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Barrington Research restated an "outperform" rating and set a $15.00 price objective on shares of PowerFleet in a research note on Tuesday, September 23rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of PowerFleet in a research note on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.50.

PowerFleet Profile

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.

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