1,163,474 Shares in PowerFleet, Inc. $AIOT Bought by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC acquired a new position in PowerFleet, Inc. by purchasing 1,163,474 shares valued at approximately $6.39 million, which represents 0.88% of the company.
• While several analysts have differing ratings for PowerFleet, the consensus rating is "Moderate Buy," with a target price of $10.50 according to MarketBeat.com.
• CEO Steven Mark Towe and Director Michael J. McConnell made significant stock purchases, indicating insider confidence, with Towe acquiring shares worth over $102,000.

Driehaus Capital Management LLC acquired a new position in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,163,474 shares of the company's stock, valued at approximately $6,387,000. Driehaus Capital Management LLC owned 0.88% of PowerFleet as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Landscape Capital Management L.L.C. bought a new stake in shares of PowerFleet during the 1st quarter worth approximately $78,000. Corebridge Financial Inc. raised its holdings in shares of PowerFleet by 4.3% in the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company's stock valued at $269,000 after purchasing an additional 2,036 shares during the last quarter. Samjo Management LLC boosted its position in PowerFleet by 44.1% during the first quarter. Samjo Management LLC now owns 2,102,200 shares of the company's stock worth $11,541,000 after purchasing an additional 642,850 shares during the period. EntryPoint Capital LLC boosted its stake in PowerFleet by 46.4% during the first quarter. EntryPoint Capital LLC now owns 49,990 shares of the company's stock valued at $274,000 after buying an additional 15,847 shares during the period. Finally, Voss Capital LP grew its holdings in shares of PowerFleet by 40.7% during the 1st quarter. Voss Capital LP now owns 2,720,591 shares of the company's stock valued at $14,936,000 after purchasing an additional 786,999 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

PowerFleet Stock Performance

Shares of AIOT traded up $0.63 during midday trading on Friday, reaching $5.10. 2,021,623 shares of the stock were exchanged, compared to its average volume of 1,929,099. PowerFleet, Inc. has a twelve month low of $3.70 and a twelve month high of $8.71. The business's 50-day moving average price is $4.38 and its 200 day moving average price is $5.05. 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 company has a market capitalization of $679.88 million, a price-to-earnings ratio of -17.05 and a beta of 1.28.

Insider Activity at PowerFleet

In other news, Director Michael J. Mcconnell acquired 10,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average cost of $4.64 per share, with a total value of $46,400.00. Following the completion of the acquisition, the director directly owned 28,028 shares in the company, valued at $130,049.92. This represents a 55.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven Mark Towe acquired 23,157 shares of PowerFleet stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $4.42 per share, with a total value of $102,353.94. Following the completion of the transaction, the chief executive officer owned 2,457,923 shares of the company's stock, valued at approximately $10,864,019.66. This trade represents a 0.95% 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

Several equities analysts recently issued reports on the company. Lake Street Capital set a $8.00 price objective on PowerFleet and gave the company a "buy" rating in a research report on Tuesday, May 27th. Wall Street Zen cut PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Zacks Research cut PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Finally, Barrington Research reissued an "outperform" rating and set a $15.00 price objective on shares of PowerFleet in a research note on Friday, August 22nd. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Company 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.