AMH Equity Ltd Sells 73,994 Shares of PowerFleet, Inc. (NASDAQ:AIOT)

AMH Equity Ltd cut its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,100,000 shares of the company's stock after selling 73,994 shares during the period. PowerFleet makes up 9.1% of AMH Equity Ltd's investment portfolio, making the stock its biggest holding. AMH Equity Ltd owned 0.83% of PowerFleet worth $6,039,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new position in PowerFleet in the 1st quarter valued at about $2,668,000. Arizona State Retirement System purchased a new stake in PowerFleet in the 1st quarter worth approximately $187,000. Brown Advisory Inc. acquired a new position in PowerFleet in the 1st quarter valued at $240,000. Bank of New York Mellon Corp lifted its stake in shares of PowerFleet by 8.8% during the 1st quarter. Bank of New York Mellon Corp now owns 268,639 shares of the company's stock worth $1,475,000 after purchasing an additional 21,785 shares during the period. Finally, Teacher Retirement System of Texas acquired a new stake in shares of PowerFleet during the first quarter worth $95,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

PowerFleet Stock Performance

Shares of AIOT traded up $0.09 during trading hours on Tuesday, reaching $4.57. 1,112,547 shares of the company traded hands, compared to its average volume of 1,672,014. The stock's fifty day moving average is $4.77 and its 200 day moving average is $5.52. The stock has a market cap of $609.50 million, a P/E ratio of -10.63 and a beta of 1.32. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.12. PowerFleet, Inc. has a 1-year low of $3.70 and a 1-year high of $8.71.

Analysts Set New Price Targets

Several brokerages 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 report on Tuesday, April 29th. Lake Street Capital set a $8.00 price target on PowerFleet and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Wall Street Zen upgraded PowerFleet from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Finally, Barrington Research reiterated an "outperform" rating and issued a $15.00 price target on shares of PowerFleet in a research note on Friday, June 13th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

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.