Invesco Ltd. Lowers Holdings 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. decreased its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 92.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. raised its stake in PowerFleet by 14.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company's stock valued at $111,000 after buying an additional 2,594 shares during the last quarter. Comerica Bank purchased a new position in PowerFleet during the fourth quarter valued at $42,000. NBC Securities Inc. purchased a new position in shares of PowerFleet in the first quarter worth $36,000. California State Teachers Retirement System purchased a new position in shares of PowerFleet in the fourth quarter worth $46,000. Finally, GAMMA Investing LLC purchased a new position in shares of PowerFleet in the first quarter worth $46,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

AIOT has been the subject of several recent analyst reports. Lake Street Capital set a $8.00 price target on PowerFleet and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Zacks Research cut shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Barrington Research restated an "outperform" rating and set a $15.00 target price on shares of PowerFleet in a research note on Friday, August 22nd. Finally, Wall Street Zen cut shares of PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, PowerFleet has an average rating of "Moderate Buy" and an average price target of $10.50.

PowerFleet Stock Up 12.3%

PowerFleet stock opened at $5.02 on Monday. The stock has a market cap of $669.87 million, a PE ratio of -16.73 and a beta of 1.28. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. PowerFleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The stock has a fifty day moving average of $4.40 and a 200 day moving average of $4.99.

Insiders Place Their Bets

In other news, CEO Steven Mark Towe acquired 23,157 shares of PowerFleet stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the transaction, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. The trade was a 0.95% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael J. Mcconnell acquired 10,000 shares of PowerFleet stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average price of $4.64 per share, with a total value of $46,400.00. Following the transaction, the director owned 28,028 shares of the company's stock, valued at $130,049.92. The trade was a 55.47% increase in their position. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by corporate insiders.

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.

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