Fox Run Management L.L.C. Makes New Investment in PowerFleet, Inc. $AIOT

Key Points

• Fox Run Management L.L.C. has invested approximately $420,000 to acquire 76,437 shares of PowerFleet, Inc. in the first quarter, representing a 0.06% ownership stake.
• Institutional investors own approximately 73.40% of PowerFleet's stock, with significant increases in holdings reported by several firms, including a 290.7% increase from Informed Momentum Co LLC.
• PowerFleet's stock has faced mixed analyst ratings, with one analyst downgrading the stock to a "sell" and the average target price set at $10.50.

Fox Run Management L.L.C. purchased a new position in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 76,437 shares of the company's stock, valued at approximately $420,000. Fox Run Management L.L.C. owned 0.06% of PowerFleet at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Sei Investments Co. grew its holdings in PowerFleet by 44.1% during the 1st quarter. Sei Investments Co. now owns 175,919 shares of the company's stock worth $966,000 after acquiring an additional 53,849 shares during the period. Lord Abbett & CO. LLC grew its stake in shares of PowerFleet by 90.7% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,859,466 shares of the company's stock valued at $10,208,000 after buying an additional 884,547 shares during the period. Informed Momentum Co LLC grew its stake in shares of PowerFleet by 290.7% in the 1st quarter. Informed Momentum Co LLC now owns 572,825 shares of the company's stock valued at $3,145,000 after buying an additional 426,207 shares during the period. Nuveen LLC acquired a new stake in shares of PowerFleet in the 1st quarter valued at about $5,233,000. Finally, Virtu Financial LLC acquired a new stake in shares of PowerFleet in the 1st quarter valued at about $62,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at PowerFleet

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

PowerFleet Price Performance

Shares of NASDAQ AIOT opened at $4.58 on Tuesday. PowerFleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71. The firm's 50-day simple moving average is $4.40 and its 200 day simple moving average is $5.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. The stock has a market cap of $611.16 million, a price-to-earnings ratio of -15.27 and a beta of 1.35.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wall Street Zen downgraded PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday. Raymond James Financial reduced their target price on PowerFleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Barrington Research reaffirmed an "outperform" rating and issued a $15.00 price target on shares of PowerFleet in a research report on Monday, August 11th. Finally, Lake Street Capital set a $8.00 price target on shares of PowerFleet and gave the company a "buy" rating in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, PowerFleet has an average rating of "Moderate Buy" and an average target price 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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