Informed Momentum Co LLC Buys 426,207 Shares of PowerFleet, Inc. (NASDAQ:AIOT)

Key Points

• Informed Momentum Co LLC increased its stake in PowerFleet, Inc. by 290.7%, acquiring an additional 426,207 shares and owning a total of 572,825 shares valued at approximately $3.15 million.
• PowerFleet's stock has seen a 13.4% increase recently, with the company reporting a loss of $0.08 EPS for the last quarter, missing expectations.
• The stock has a consensus rating of "Moderate Buy" among analysts, with an average price target of $10.50.

Informed Momentum Co LLC lifted its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 290.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 572,825 shares of the company's stock after purchasing an additional 426,207 shares during the period. Informed Momentum Co LLC owned 0.43% of PowerFleet worth $3,145,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in AIOT. Private Capital Management LLC acquired a new position in shares of PowerFleet during the fourth quarter valued at $45,504,000. Vanguard Group Inc. lifted its stake in PowerFleet by 3.8% in the first quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company's stock valued at $36,923,000 after buying an additional 248,914 shares during the period. AWM Investment Company Inc. acquired a new position in PowerFleet in the fourth quarter valued at about $31,000,000. Ontario Teachers Pension Plan Board acquired a new position in PowerFleet in the fourth quarter valued at about $28,543,000. Finally, Private Management Group Inc. lifted its stake in PowerFleet by 8.7% in the first quarter. Private Management Group Inc. now owns 3,778,478 shares of the company's stock valued at $20,744,000 after buying an additional 303,004 shares during the period. Institutional investors own 73.40% of the company's stock.

PowerFleet Stock Up 2.9%

Shares of NASDAQ:AIOT traded up $0.13 during mid-day trading on Friday, reaching $4.57. 1,771,794 shares of the stock were exchanged, compared to its average volume of 1,663,391. The company has a quick ratio of 1.00, a current ratio of 1.07 and a debt-to-equity ratio of 0.51. The company has a market cap of $609.82 million, a P/E ratio of -15.23 and a beta of 1.35. PowerFleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The stock's 50 day simple moving average is $4.41 and its 200-day simple moving average is $5.28.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AIOT shares. Barrington Research reissued an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a research note on Monday, August 11th. Wall Street Zen lowered PowerFleet from a "hold" rating to a "sell" rating in a research report on Saturday. Raymond James Financial dropped their price target on PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Finally, Lake Street Capital set a $8.00 price target on PowerFleet and gave the stock a "buy" rating in a research report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $10.50.

Insider Activity

In other news, CEO Steven Mark Towe acquired 23,157 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $4.42 per share, for a total transaction 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 represents a 0.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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.