Strs Ohio Invests $318,000 in PowerFleet, Inc. $AIOT

Key Points

• Strs Ohio has invested $318,000 in PowerFleet, Inc. by acquiring 57,900 shares, reflecting increasing interest from institutional investors in the company.
• Analysts have given mixed ratings for PowerFleet, with a consensus rating of "Moderate Buy" and a target price of $10.50, despite recent downgrades.
• Insider transactions indicate positive sentiment, with Director Michael J. McConnell and CEO Steven Mark Towe purchasing additional shares of PowerFleet.

Strs Ohio bought a new stake in shares of PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 57,900 shares of the company's stock, valued at approximately $318,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new position in shares of PowerFleet during the fourth quarter worth approximately $86,000. Bank of America Corp DE bought a new position in PowerFleet during the fourth quarter worth $1,487,000. Deutsche Bank AG bought a new position in PowerFleet during the fourth quarter worth $529,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in PowerFleet during the 4th quarter valued at $360,000. Finally, Millennium Management LLC acquired a new stake in PowerFleet in the 4th quarter worth $1,685,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on AIOT shares. Zacks Research lowered shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a "buy" rating in a report on Tuesday, May 27th. Barrington Research reissued an "outperform" rating and set a $15.00 price objective on shares of PowerFleet in a report on Tuesday. Finally, Wall Street Zen lowered PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, PowerFleet presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Trading Up 3.3%

Shares of NASDAQ AIOT opened at $5.57 on Wednesday. PowerFleet, Inc. has a 1-year low of $3.70 and a 1-year high of $8.71. The company has a 50-day moving average of $4.62 and a two-hundred day moving average of $4.88. The company has a market cap of $743.26 million, a PE ratio of -18.57 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.

Insider Activity at PowerFleet

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

PowerFleet 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.

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