PowerFleet, Inc. (NASDAQ:AIOT) Shares Purchased by Informed Momentum Co LLC

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

A number of other institutional investors also recently bought and sold shares of AIOT. LPL Financial LLC purchased a new position in PowerFleet during the 4th quarter worth approximately $398,000. JPMorgan Chase & Co. purchased a new position in PowerFleet during the 4th quarter worth approximately $694,000. Alliancebernstein L.P. purchased a new position in PowerFleet during the 4th quarter worth approximately $627,000. Geode Capital Management LLC purchased a new position in PowerFleet during the 4th quarter worth approximately $15,938,000. Finally, Wells Fargo & Company MN purchased a new position in PowerFleet during the 4th quarter worth approximately $369,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at PowerFleet

In related 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 purchased at an average price of $4.42 per share, with a total value of $102,353.94. Following the purchase, the chief executive officer owned 2,457,923 shares of the company's stock, valued at $10,864,019.66. The trade was 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 through this hyperlink. 6.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

AIOT has been the subject of a number of recent research reports. Wall Street Zen raised shares of PowerFleet from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Lake Street Capital set a $8.00 price target on shares of PowerFleet and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Barrington Research reissued an "outperform" rating and set a $15.00 price target on shares of PowerFleet in a research report on Monday. Finally, Raymond James Financial cut their target price on shares of PowerFleet from $10.00 to $8.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Stock Performance

Shares of NASDAQ:AIOT traded down $0.06 during trading on Thursday, hitting $4.44. 1,881,448 shares of the stock traded hands, compared to its average volume of 1,974,558. 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 $592.47 million, a price-to-earnings ratio of -14.80 and a beta of 1.35. The company has a fifty day moving average price of $4.41 and a two-hundred day moving average price of $5.29. PowerFleet, Inc. has a 52-week low of $3.70 and a 52-week high of $8.71.

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.