Millennium Management LLC Purchases Shares of 253,064 Powerfleet, Inc. (NASDAQ:AIOT)

Millennium Management LLC bought a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 253,064 shares of the company's stock, valued at approximately $1,685,000. Millennium Management LLC owned 0.19% of Powerfleet at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hodges Capital Management Inc. bought a new stake in Powerfleet in the 4th quarter worth approximately $10,982,000. Oppenheimer Asset Management Inc. bought a new stake in Powerfleet during the 4th quarter valued at approximately $118,000. Rice Hall James & Associates LLC purchased a new stake in shares of Powerfleet during the 4th quarter worth approximately $2,706,000. The Manufacturers Life Insurance Company bought a new position in shares of Powerfleet during the 4th quarter valued at approximately $219,000. Finally, Legal & General Group Plc purchased a new stake in shares of Powerfleet in the 4th quarter worth $58,000. 73.40% of the stock is currently owned by institutional investors.

Powerfleet Stock Down 2.9%

Powerfleet stock traded down $0.14 during midday trading on Wednesday, reaching $4.62. The company's stock had a trading volume of 1,520,933 shares, compared to its average volume of 1,565,565. The stock's 50-day simple moving average is $5.07 and its 200-day simple moving average is $6.06. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a 52-week low of $3.70 and a 52-week high of $8.71.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Raymond James decreased their price objective on Powerfleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Lake Street Capital set a $8.00 price objective on Powerfleet and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Northland Securities upped their price objective on Powerfleet from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 11th. Finally, Barrington Research restated an "outperform" rating and set a $15.00 price objective on shares of Powerfleet in a research note on Friday, May 23rd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Powerfleet presently has a consensus rating of "Buy" and an average price target of $10.50.

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.