PowerFleet, Inc. (NASDAQ:AIOT) Shares Bought by CenterBook Partners LP

CenterBook Partners LP raised its stake in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 683.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,877,826 shares of the company's stock after purchasing an additional 2,510,674 shares during the quarter. PowerFleet comprises about 1.0% of CenterBook Partners LP's investment portfolio, making the stock its 15th biggest position. CenterBook Partners LP owned 2.17% of PowerFleet worth $15,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. Private Capital Management LLC acquired a new stake in shares of PowerFleet during the fourth quarter valued at about $45,504,000. Vanguard Group Inc. grew its stake in shares of PowerFleet by 3.8% during the first quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company's stock valued at $36,923,000 after acquiring an additional 248,914 shares in the last quarter. AWM Investment Company Inc. acquired a new stake in shares of PowerFleet during the fourth quarter valued at about $31,000,000. Ontario Teachers Pension Plan Board acquired a new stake in shares of PowerFleet during the fourth quarter valued at about $28,543,000. Finally, Private Management Group Inc. grew its stake in shares of PowerFleet by 8.7% during the first quarter. Private Management Group Inc. now owns 3,778,478 shares of the company's stock valued at $20,744,000 after acquiring an additional 303,004 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

PowerFleet Stock Performance

AIOT stock traded up $0.06 during midday trading on Thursday, reaching $4.46. The company had a trading volume of 713,427 shares, compared to its average volume of 1,662,455. The company has a quick ratio of 1.00, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average price of $4.80 and a 200 day moving average price of $5.56. PowerFleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71. The firm has a market capitalization of $594.16 million, a PE ratio of -10.36 and a beta of 1.32.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AIOT. Raymond James Financial lowered their target price 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 target on PowerFleet and gave the stock a "buy" rating in a research note on Tuesday, May 27th. 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. Finally, Wall Street Zen upgraded PowerFleet from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, PowerFleet has a consensus rating of "Moderate Buy" and a consensus target price 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.