Lord Abbett & CO. LLC Buys 884,547 Shares of PowerFleet, Inc. $AIOT

Key Points

• Lord Abbett & CO. LLC increased its holdings in PowerFleet, Inc. by 90.7% in the first quarter, now owning 1,859,466 shares valued at approximately $10.2 million.
• CEO Steven Mark Towe purchased 23,157 shares at an average price of $4.42 per share, raising his ownership to about $10.86 million worth of stock.
• PowerFleet has received mixed analyst ratings, with Barrington Research giving an "outperform" rating and a price target of $15.00, while Wall Street Zen downgraded it to a "sell".

Lord Abbett & CO. LLC lifted its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 90.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,859,466 shares of the company's stock after acquiring an additional 884,547 shares during the period. Lord Abbett & CO. LLC owned approximately 1.40% of PowerFleet worth $10,208,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in shares of PowerFleet in the first quarter valued at about $36,000. Comerica Bank purchased a new stake in PowerFleet in the 4th quarter valued at about $42,000. California State Teachers Retirement System bought a new position in shares of PowerFleet during the 4th quarter worth approximately $46,000. GAMMA Investing LLC purchased a new position in shares of PowerFleet in the 1st quarter worth approximately $46,000. Finally, Legal & General Group Plc purchased a new position in shares of PowerFleet in the 4th quarter worth approximately $58,000. Institutional investors own 73.40% of the company's stock.

Insider Buying and Selling

In other news, Director Michael J. Mcconnell bought 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average price of $4.64 per share, with a total value of $46,400.00. Following the acquisition, the director owned 28,028 shares of the company's stock, valued at approximately $130,049.92. The trade was a 55.47% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steven Mark Towe bought 23,157 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the acquisition, the chief executive officer directly owned 2,457,923 shares in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 6.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AIOT. Raymond James Financial cut their target price on PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Wall Street Zen downgraded PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday. Zacks Research lowered shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday. Lake Street Capital set a $8.00 price objective on shares of PowerFleet and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $15.00 price objective on shares of PowerFleet in a research report on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, PowerFleet currently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Stock Performance

Shares of AIOT stock traded down $0.22 during trading on Tuesday, reaching $4.36. 1,539,622 shares of the company's stock traded hands, compared to its average volume of 1,966,896. The company has a market capitalization of $581.80 million, a P/E ratio of -14.53 and a beta of 1.35. 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 firm's 50-day moving average is $4.40 and its 200 day moving average is $5.26. PowerFleet, Inc. has a 1 year low of $3.70 and a 1 year high of $8.71.

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.