Renaissance Technologies LLC Has $4.71 Million Stock Position in PowerFleet, Inc. $AIOT

Key Points

• Renaissance Technologies increased its PowerFleet stake by 1,644.7% in the first quarter, holding 1.53 million shares valued at approximately $4.71 million. Institutional investors and hedge funds collectively own 73.4% of the company.
• Analyst sentiment is mixed: PowerFleet has a consensus rating of “Hold” and a consensus price target of $9.67, despite three Buy ratings, one Hold, and one Sell rating.
• PowerFleet shares opened at $4.13, while the company authorized a $30 million stock buyback covering up to 6% of outstanding shares, signaling management’s view that the stock may be undervalued.

Renaissance Technologies LLC increased its holdings in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 1,644.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,530,725 shares of the company's stock after acquiring an additional 1,442,989 shares during the period. Renaissance Technologies LLC owned about 1.14% of PowerFleet worth $4,715,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Wasatch Advisors LP purchased a new position in PowerFleet during the 2nd quarter valued at about $6,426,000. Kennedy Capital Management LLC lifted its position in shares of PowerFleet by 292.3% in the fourth quarter. Kennedy Capital Management LLC now owns 1,970,918 shares of the company's stock worth $10,485,000 after purchasing an additional 1,468,573 shares in the last quarter. Nuveen LLC lifted its position in shares of PowerFleet by 44.7% in the fourth quarter. Nuveen LLC now owns 3,312,956 shares of the company's stock worth $17,625,000 after purchasing an additional 1,023,077 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of PowerFleet by 271.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,169,710 shares of the company's stock worth $6,223,000 after purchasing an additional 854,444 shares during the period. Finally, Pinnacle Associates Ltd. boosted its holdings in shares of PowerFleet by 56.1% during the fourth quarter. Pinnacle Associates Ltd. now owns 2,182,810 shares of the company's stock worth $11,613,000 after purchasing an additional 784,505 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on AIOT shares. Raymond James Financial lowered their price objective on shares of PowerFleet from $8.00 to $7.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 16th. Wall Street Zen upgraded shares of PowerFleet from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. UBS Group set a $7.00 target price on shares of PowerFleet in a research note on Tuesday, June 16th. Finally, Weiss Ratings cut shares of PowerFleet from a "hold (c-)" rating to a "sell (d-)" rating in a report on Tuesday, June 16th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, PowerFleet has a consensus rating of "Hold" and a consensus target price of $9.67.

PowerFleet Trading Down 2.1%

NASDAQ:AIOT opened at $4.13 on Friday. The stock's 50 day moving average price is $4.06 and its 200 day moving average price is $3.79. PowerFleet, Inc. has a 52 week low of $2.78 and a 52 week high of $5.88. The company has a market capitalization of $554.37 million, a P/E ratio of -25.81 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.99 and a current ratio of 1.13.

PowerFleet declared that its Board of Directors has approved a stock buyback program on Tuesday, June 30th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

PowerFleet Company Profile

PowerFleet, Inc NASDAQ: AIOT develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company's systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company's hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.

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