PowerFleet, Inc. $AIOT Stock Holdings Reduced by Hodges Capital Management Inc.

Key Points

• Hodges Capital Management Inc. has reduced its holdings in PowerFleet, Inc. by 27.3%, now owning approximately 1,199,077 shares valued at $6.58 million.
• CEO Steven Mark Towe made a notable purchase of 23,157 shares at an average price of $4.42, increasing his stake in PowerFleet.
• Analyst ratings for PowerFleet vary, with estimates ranging from a "strong sell" to a price target of $15.00, indicating differing opinions on the company's growth potential.

Hodges Capital Management Inc. lessened its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 27.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,199,077 shares of the company's stock after selling 449,833 shares during the quarter. Hodges Capital Management Inc. owned about 0.90% of PowerFleet worth $6,583,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Strs Ohio acquired a new position in PowerFleet during the 1st quarter worth $318,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in PowerFleet during the 1st quarter worth $3,670,000. First Dallas Securities Inc. acquired a new position in PowerFleet during the 1st quarter worth $167,000. Goldman Sachs Group Inc. boosted its position in PowerFleet by 15.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company's stock worth $5,739,000 after acquiring an additional 138,856 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in PowerFleet during the 1st quarter worth $251,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Insiders Place Their Bets

In related news, CEO Steven Mark Towe bought 23,157 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $4.42 per share, with a total value of $102,353.94. Following the completion of the transaction, the chief executive officer directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael J. Mcconnell bought 10,000 shares of the business's stock in a transaction dated Monday, August 18th. The shares were bought at an average cost 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 of the company's stock, valued at $130,049.92. This trade 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 insiders.

PowerFleet Trading Up 0.2%

Shares of PowerFleet stock traded up $0.01 on Friday, reaching $5.25. 2,007,212 shares of the company were exchanged, compared to its average volume of 1,518,219. The stock has a fifty day moving average price of $4.47 and a 200-day moving average price of $4.92. The firm has a market capitalization of $700.56 million, a price-to-earnings ratio of -17.50 and a beta of 1.28. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. PowerFleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71.

Analyst Ratings Changes

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