Driehaus Capital Management LLC Invests $6.39 Million in PowerFleet, Inc. $AIOT

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 purchased a new position in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,163,474 shares of the company's stock, valued at approximately $6,387,000. Driehaus Capital Management LLC owned about 0.88% of PowerFleet at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AIOT. Comerica Bank purchased a new stake in shares of PowerFleet in the fourth quarter worth about $42,000. NBC Securities Inc. purchased a new stake in shares of PowerFleet in the first quarter worth about $36,000. California State Teachers Retirement System purchased a new stake in shares of PowerFleet in the fourth quarter worth about $46,000. GAMMA Investing LLC purchased a new stake in shares of PowerFleet in the first quarter worth about $46,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of PowerFleet in the fourth quarter worth about $75,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

PowerFleet Stock Performance

Shares of AIOT stock traded down $0.01 on Wednesday, hitting $4.53. 1,487,889 shares of the stock traded hands, compared to its average volume of 1,935,404. 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 $604.50 million, a PE ratio of -15.10 and a beta of 1.28. PowerFleet, Inc. has a 1-year low of $3.70 and a 1-year high of $8.71. The company's fifty day moving average is $4.38 and its 200 day moving average is $5.08.

Wall Street Analysts Forecast Growth

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

Insider Activity at PowerFleet

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

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.