Raymond James Financial Inc. Purchases 258,787 Shares of PowerFleet, Inc. $AIOT

Key Points

• Raymond James Financial Inc. increased its stake in PowerFleet, Inc. by 36.4% to approximately $5.32 million, owning 969,122 shares as per their latest SEC filing.
• PowerFleet's stock has seen significant interest from institutional investors, with 73.40% of the stock currently owned by such entities, highlighting confidence in the company's future prospects.
• Analysts have given mixed ratings for PowerFleet, with one brokerage setting a target price of $15.00 while others have downgraded their ratings, indicating a volatile outlook for the stock.

Raymond James Financial Inc. increased its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 36.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 969,122 shares of the company's stock after acquiring an additional 258,787 shares during the quarter. Raymond James Financial Inc. owned about 0.73% of PowerFleet worth $5,320,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. bought a new position in shares of PowerFleet in the first quarter valued at about $172,000. The Manufacturers Life Insurance Company bought a new position in PowerFleet in the 4th quarter valued at about $219,000. Bank of America Corp DE acquired a new stake in PowerFleet during the fourth quarter worth approximately $1,487,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of PowerFleet during the fourth quarter worth approximately $360,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of PowerFleet in the fourth quarter valued at approximately $86,000. 73.40% of the stock is owned by institutional investors.

Insider Buying and Selling at PowerFleet

In related news, Director Michael J. Mcconnell bought 10,000 shares of PowerFleet stock in a transaction dated Monday, August 18th. The stock was purchased at an average cost of $4.64 per share, with a total value of $46,400.00. Following the transaction, the director directly owned 28,028 shares of the company's stock, valued at approximately $130,049.92. The trade was a 55.47% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven Mark Towe bought 23,157 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $4.42 per share, with a total value of $102,353.94. Following the completion of the transaction, the chief executive officer directly owned 2,457,923 shares of the company's stock, valued at approximately $10,864,019.66. The trade was a 0.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 6.30% of the company's stock.

PowerFleet Stock Up 1.0%

NASDAQ AIOT traded up $0.05 during mid-day trading on Wednesday, hitting $5.00. The company's stock had a trading volume of 1,329,335 shares, compared to its average volume of 1,548,777. PowerFleet, Inc. has a twelve month low of $3.70 and a twelve month high of $8.71. The firm has a market capitalization of $667.20 million, a price-to-earnings ratio of -16.67 and a beta of 1.28. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The company's 50 day simple moving average is $4.43 and its 200 day simple moving average is $4.97.

Analyst Upgrades and Downgrades

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