Goldman Sachs Group Inc. Purchases 138,856 Shares of PowerFleet, Inc. $AIOT

Key Points

• Goldman Sachs Group Inc. increased its stake in PowerFleet, Inc. by 15.3%, holding 1,045,424 shares worth approximately $5.74 million at the end of the first quarter.
• The CEO of PowerFleet, Steven Mark Towe, purchased 23,157 shares at an average price of $4.42 per share, increasing his total ownership to about 2.46 million shares valued at over $10.86 million.
• Several analysts have recently adjusted their ratings on PowerFleet, with Zacks Research downgrading it to a "strong sell," while Lake Street Capital set a target price of $8.00 with a "buy" rating.

Goldman Sachs Group Inc. raised its position in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 15.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,045,424 shares of the company's stock after purchasing an additional 138,856 shares during the quarter. Goldman Sachs Group Inc. owned 0.79% of PowerFleet worth $5,739,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company bought a new position in shares of PowerFleet in the 4th quarter valued at about $219,000. Northern Trust Corp bought a new position in shares of PowerFleet in the 4th quarter valued at $5,776,000. Comerica Bank bought a new position in shares of PowerFleet in the 4th quarter valued at $42,000. Ameriprise Financial Inc. bought a new stake in shares of PowerFleet in the fourth quarter worth $10,547,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of PowerFleet in the fourth quarter worth $86,000. Institutional investors and hedge funds own 73.40% of the company's stock.

PowerFleet Price Performance

Shares of PowerFleet stock traded down $0.11 during trading on Friday, hitting $5.34. The stock had a trading volume of 3,077,512 shares, compared to its average volume of 1,539,081. The firm has a market cap of $712.57 million, a price-to-earnings ratio of -17.80 and a beta of 1.28. PowerFleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71. The business's 50-day moving average is $4.57 and its 200 day moving average is $4.90. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51.

Analysts Set New Price Targets

A number of analysts have commented on the stock. 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. Barrington Research reiterated an "outperform" rating and set a $15.00 price objective on shares of PowerFleet in a report on Friday, August 22nd. Wall Street Zen lowered shares of PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Finally, Zacks Research lowered shares of PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

Insider Buying and Selling at PowerFleet

In other news, CEO Steven Mark Towe purchased 23,157 shares of the firm's stock in a transaction dated 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 completion of the acquisition, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael J. Mcconnell acquired 10,000 shares of the 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 transaction, the director owned 28,028 shares in the company, valued at approximately $130,049.92. This 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.

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.