99,846 Shares in PowerFleet, Inc. $AIOT Purchased by Ionic Capital Management LLC

Key Points

• Ionic Capital Management LLC invested approximately $548,000 in PowerFleet, acquiring 99,846 shares during the 1st quarter, representing about 0.08% of the company's stock as of the latest SEC filing.
• Insider trading activity includes CEO Steven Mark Towe purchasing 23,157 shares for around $102,354, increasing his ownership by 0.95%, while Director Michael J. Mcconnell increased his position by 55.47% after buying 10,000 shares.
• PowerFleet's stock has shown volatility with a 12-month low of $3.70 and high of $8.71, and currently holds an average rating of "Moderate Buy" from analysts with a consensus price target of $10.50.

Ionic Capital Management LLC acquired a new position in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 99,846 shares of the company's stock, valued at approximately $548,000. Ionic Capital Management LLC owned about 0.08% of PowerFleet at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Comerica Bank purchased a new stake in PowerFleet during the 4th quarter valued at about $42,000. NBC Securities Inc. acquired a new position in shares of PowerFleet in the 1st quarter valued at about $36,000. California State Teachers Retirement System acquired a new position in shares of PowerFleet in the 4th quarter valued at about $46,000. GAMMA Investing LLC acquired a new position in shares of PowerFleet in the 1st quarter valued at about $46,000. Finally, Hsbc Holdings PLC acquired a new position in shares of PowerFleet in the 4th quarter valued at about $75,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Barrington Research restated an "outperform" rating and issued a $15.00 price target on shares of PowerFleet in a research note on Friday, August 22nd. Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a "buy" rating in a research note on Tuesday, May 27th. Zacks Research lowered PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Finally, Wall Street Zen lowered 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $10.50.

PowerFleet Stock Down 0.1%

PowerFleet stock traded down $0.01 during mid-day trading on Wednesday, reaching $4.95. 559,033 shares of the company's stock were exchanged, compared to its average volume of 1,925,510. The company has a quick ratio of 0.92, a current ratio of 1.07 and a debt-to-equity ratio of 0.51. PowerFleet, Inc. has a twelve month low of $3.70 and a twelve month high of $8.71. The company has a market cap of $659.86 million, a P/E ratio of -16.48 and a beta of 1.28. The company has a fifty day moving average of $4.42 and a 200-day moving average of $4.97.

Insider Buying and Selling

In other news, CEO Steven Mark Towe acquired 23,157 shares of the company's stock in a transaction on 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 purchase, the chief executive officer owned 2,457,923 shares of the company's stock, valued at $10,864,019.66. This represents a 0.95% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael J. Mcconnell bought 10,000 shares of the firm's stock in a transaction on Monday, August 18th. The shares were bought at an average price 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 in the company, valued at approximately $130,049.92. This represents a 55.47% increase in their position. The disclosure for this purchase can be found here. Company 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.