Invesco Ltd. Decreases Stake in PowerFleet, Inc. $AIOT

Key Points

• Invesco Ltd. drastically reduced its stake in PowerFleet, Inc. by 92.8%, selling 579,932 shares in the first quarter and leaving it with only 44,673 shares valued at $245,000.
• Analysts have varied opinions on PowerFleet, with Lake Street Capital setting a price target of $8.00 and Barrington Research maintaining an "outperform" rating with a target of $15.00, while Zacks Research downgraded it to a "strong sell."
• CEO Steven Mark Towe and Director Michael J. Mcconnell have recently acquired shares in PowerFleet, indicating confidence in the company, with Towe purchasing over 23,000 shares and Mcconnell acquiring 10,000 shares.

Invesco Ltd. lowered its holdings in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 92.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,673 shares of the company's stock after selling 579,932 shares during the quarter. Invesco Ltd.'s holdings in PowerFleet were worth $245,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AIOT. Dimensional Fund Advisors LP acquired a new stake in shares of PowerFleet in the fourth quarter worth $7,285,000. Hsbc Holdings PLC acquired a new stake in shares of PowerFleet in the fourth quarter worth $75,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of PowerFleet in the fourth quarter worth $254,000. The Manufacturers Life Insurance Company acquired a new stake in shares of PowerFleet in the fourth quarter worth $219,000. Finally, Northern Trust Corp acquired a new stake in shares of PowerFleet in the fourth quarter worth $5,776,000. Institutional investors and hedge funds own 73.40% of the company's stock.

PowerFleet Price Performance

AIOT traded up $0.01 during midday trading on Friday, hitting $5.25. 2,007,212 shares of the company traded hands, compared to its average volume of 1,506,394. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $700.56 million, a price-to-earnings ratio of -17.50 and a beta of 1.28. PowerFleet, Inc. has a 52-week low of $3.70 and a 52-week high of $8.71. The business has a 50 day simple moving average of $4.47 and a two-hundred day simple moving average of $4.95.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at PowerFleet

In related news, Director Michael J. Mcconnell acquired 10,000 shares of the firm's stock in a transaction on Monday, August 18th. The shares were acquired at an average cost of $4.64 per share, with a total value of $46,400.00. Following the completion of the acquisition, the director directly owned 28,028 shares in the company, valued at approximately $130,049.92. This trade represents a 55.47% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven Mark Towe acquired 23,157 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were bought 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 of the company's stock, valued at approximately $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company 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.