Sei Investments Co. Has $3.45 Million Position in PowerFleet, Inc. $AIOT

Key Points

• Sei Investments nearly doubled its PowerFleet stake in the first quarter, adding 557,487 shares to own 1.12 million shares valued at approximately $3.45 million. Institutional investors collectively hold 73.4% of AIOT.
• Analyst sentiment is mixed: PowerFleet has a consensus “Hold” rating and a $9.67 average price target, while recent targets from UBS and Raymond James were set at $7.00.
• PowerFleet shares opened at $4.13, within a 12-month range of $2.78 to $5.88. The company also authorized a $30 million share buyback, allowing repurchases of up to 6% of its outstanding stock.

Sei Investments Co. increased its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 99.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,120,221 shares of the company's stock after purchasing an additional 557,487 shares during the period. Sei Investments Co. owned approximately 0.84% of PowerFleet worth $3,450,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. State of Wyoming increased its stake in PowerFleet by 1,598.2% during the 1st quarter. State of Wyoming now owns 51,811 shares of the company's stock worth $160,000 after purchasing an additional 48,760 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in PowerFleet by 20.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company's stock valued at $12,718,000 after buying an additional 698,112 shares in the last quarter. Bastion Asset Management Inc. boosted its holdings in shares of PowerFleet by 13.5% in the first quarter. Bastion Asset Management Inc. now owns 1,943,380 shares of the company's stock valued at $5,986,000 after buying an additional 230,497 shares during the period. Hsbc Holdings PLC acquired a new position in shares of PowerFleet in the first quarter valued at approximately $195,000. Finally, R Squared Ltd increased its position in shares of PowerFleet by 57.0% during the first quarter. R Squared Ltd now owns 25,235 shares of the company's stock worth $78,000 after acquiring an additional 9,162 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

PowerFleet Stock Performance

Shares of AIOT opened at $4.13 on Friday. PowerFleet, Inc. has a 12 month low of $2.78 and a 12 month high of $5.88. The firm has a fifty day simple moving average of $4.06 and a 200 day simple moving average of $3.79. The stock has a market capitalization of $554.37 million, a price-to-earnings ratio of -25.81 and a beta of 1.43. The company has a current ratio of 1.13, a quick ratio of 0.99 and a debt-to-equity ratio of 0.48.

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

PowerFleet 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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