PowerFleet, Inc. $AIOT is Josh Arnold Investment Consultant LLC's 4th Largest Position

Key Points

• Josh Arnold Investment Consultant LLC significantly increased its holdings in PowerFleet, Inc. by 3,196.3%, making it the fund's 4th largest position, valued at approximately $3.175 million.
• Multiple institutional investors have recently acquired stakes in PowerFleet, with a total of 73.40% of the stock now owned by such entities.
• PowerFleet stock has been subjected to mixed ratings from analysts, with recent downgrades to "sell" and "strong sell," while some set a target price of $10.50 or higher for potential upside.

Josh Arnold Investment Consultant LLC lifted its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 3,196.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 578,396 shares of the company's stock after acquiring an additional 560,849 shares during the period. PowerFleet makes up approximately 2.6% of Josh Arnold Investment Consultant LLC's investment portfolio, making the stock its 4th largest holding. Josh Arnold Investment Consultant LLC owned 0.44% of PowerFleet worth $3,175,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of AIOT. Dimensional Fund Advisors LP purchased a new stake in shares of PowerFleet during the fourth quarter worth about $7,285,000. Hsbc Holdings PLC purchased a new stake in PowerFleet in the fourth quarter valued at approximately $75,000. Price T Rowe Associates Inc. MD purchased a new stake in PowerFleet in the fourth quarter valued at approximately $254,000. Tudor Investment Corp ET AL purchased a new stake in PowerFleet in the fourth quarter valued at approximately $484,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in PowerFleet in the fourth quarter valued at approximately $219,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

PowerFleet Price Performance

Shares of AIOT traded down $0.03 during trading hours on Tuesday, hitting $4.95. 1,185,857 shares of the stock were exchanged, compared to its average volume of 1,933,609. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. The stock's 50-day moving average price is $4.41 and its two-hundred day moving average price is $4.97. The company has a market cap of $660.54 million, a price-to-earnings ratio of -16.50 and a beta of 1.28. PowerFleet, Inc. has a 12-month low of $3.70 and a 12-month high of $8.71.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Zacks Research lowered PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Barrington Research reiterated an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a research report on Friday, August 22nd. Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a "buy" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen downgraded PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

Insider Buying and Selling at PowerFleet

In related news, CEO Steven Mark Towe bought 23,157 shares of the company's stock in a transaction on Thursday, August 14th. The stock was bought 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 represents a 0.95% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael J. Mcconnell bought 10,000 shares of the company's stock in a transaction on Monday, August 18th. The stock was bought at an average price of $4.64 per share, with a total value of $46,400.00. Following the completion of the acquisition, the director owned 28,028 shares in the company, valued at $130,049.92. This represents 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 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.