Private Management Group Inc. Acquires 303,004 Shares of PowerFleet, Inc. (NASDAQ:AIOT)

Key Points

• Private Management Group Inc. increased its holdings in PowerFleet, Inc. by 8.7%, acquiring an additional 303,004 shares during the first quarter, raising its total ownership to approximately 2.85% of the company.
• Institutional investors own 73.40% of PowerFleet stock, with Oppenheimer Asset Management increasing its stake by 14.7% during the same period.
• Analysts have mixed ratings on PowerFleet, with a consensus rating of "Moderate Buy" and an average target price of $10.50.

Private Management Group Inc. raised its holdings in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,778,478 shares of the company's stock after acquiring an additional 303,004 shares during the quarter. Private Management Group Inc. owned about 2.85% of PowerFleet worth $20,744,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. raised its holdings in PowerFleet by 14.7% in the first quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company's stock worth $111,000 after purchasing an additional 2,594 shares during the period. Comerica Bank bought a new position in PowerFleet during the fourth quarter worth about $42,000. NBC Securities Inc. acquired a new position in PowerFleet in the first quarter valued at about $36,000. California State Teachers Retirement System bought a new stake in shares of PowerFleet in the fourth quarter worth about $46,000. Finally, GAMMA Investing LLC acquired a new stake in shares of PowerFleet during the first quarter worth about $46,000. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on AIOT shares. Wall Street Zen upgraded shares of PowerFleet from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Raymond James Financial lowered their price objective on shares of PowerFleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Barrington Research reaffirmed an "outperform" rating and issued a $15.00 price objective on shares of PowerFleet in a research report on Friday, June 13th. Finally, Lake Street Capital set a $8.00 target price on shares of PowerFleet and gave the stock a "buy" rating in a research note on Tuesday, May 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $10.50.

PowerFleet Price Performance

Shares of AIOT opened at $4.63 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. PowerFleet, Inc. has a twelve month low of $3.70 and a twelve month high of $8.71. The stock has a market capitalization of $617.51 million, a P/E ratio of -10.77 and a beta of 1.32. The company has a 50 day moving average of $4.67 and a 200-day moving average of $5.48.

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.

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