Lynrock Lake LP Lowers Stake in PowerFleet, Inc. $AIOT

Key Points

• Lynrock Lake LP reduced its stake in PowerFleet, Inc. by 7.2%, now owning approximately 3.5 million shares worth about $19.4 million.
• Institutional investors currently hold 73.40% of PowerFleet's stock, with several acquiring new stakes valued between $36,000 and $62,000 in recent months.
• PowerFleet received mixed analyst ratings, with a downgrade to "strong sell" from Zacks Research, while Barrington Research has maintained an "outperform" rating with a price target of $15.00.

Lynrock Lake LP reduced its position in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,535,208 shares of the company's stock after selling 272,913 shares during the quarter. PowerFleet accounts for approximately 1.9% of Lynrock Lake LP's investment portfolio, making the stock its 13th biggest holding. Lynrock Lake LP owned approximately 2.67% of PowerFleet worth $19,408,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. NBC Securities Inc. purchased a new stake in shares of PowerFleet during the 1st quarter worth about $36,000. Comerica Bank acquired a new position in shares of PowerFleet during the 4th quarter worth about $42,000. California State Teachers Retirement System acquired a new position in shares of PowerFleet during the 4th quarter worth about $46,000. GAMMA Investing LLC acquired a new position in shares of PowerFleet during the 1st quarter worth about $46,000. Finally, Virtu Financial LLC acquired a new position in shares of PowerFleet during the 1st quarter worth about $62,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. 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. Wall Street Zen downgraded shares of PowerFleet from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. 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. Finally, Zacks Research downgraded shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $10.50.

PowerFleet Price Performance

AIOT stock traded up $0.55 during mid-day trading on Friday, reaching $5.02. The company's stock had a trading volume of 3,398,299 shares, compared to its average volume of 1,772,871. 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 current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. PowerFleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71. The company's 50 day moving average is $4.40 and its two-hundred day moving average is $4.99.

Insider Transactions at PowerFleet

In other PowerFleet news, CEO Steven Mark Towe acquired 23,157 shares of the business's stock in a transaction 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 acquisition, the chief executive officer owned 2,457,923 shares in the company, valued at approximately $10,864,019.66. The trade was a 0.95% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael J. Mcconnell purchased 10,000 shares of the business's stock in a transaction dated 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 acquisition, the director directly owned 28,028 shares in the company, valued at approximately $130,049.92. The trade was a 55.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by corporate insiders.

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.