Swiss National Bank Makes New $1.27 Million Investment in PowerFleet, Inc. $AIOT

Key Points

• The Swiss National Bank has acquired a new position in PowerFleet, Inc. (NASDAQ: AIOT) during the first quarter, purchasing 230,500 shares valued at approximately $1,265,000.
• PowerFleet's stock has recently faced downgrades from multiple analysts, with Zacks Research lowering its rating to a "strong sell" and Wall Street Zen changing it to a "sell".
• Insider activity reflects optimism, as CEO Steven Mark Towe and Director Michael J. Mcconnell both purchased additional shares, increasing their ownership in the company.

Swiss National Bank purchased a new position in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 230,500 shares of the company's stock, valued at approximately $1,265,000. Swiss National Bank owned approximately 0.17% of PowerFleet at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Oppenheimer & Co. Inc. purchased a new position in PowerFleet in the 1st quarter worth approximately $172,000. The Manufacturers Life Insurance Company purchased a new position in PowerFleet in the 4th quarter worth approximately $219,000. Legal & General Group Plc purchased a new stake in shares of PowerFleet in the 4th quarter valued at $58,000. Bank of America Corp DE purchased a new stake in shares of PowerFleet in the 4th quarter valued at $1,487,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of PowerFleet in the 4th quarter valued at $360,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on AIOT shares. Barrington Research reaffirmed an "outperform" rating and issued a $15.00 price objective on shares of PowerFleet in a research note on Friday, August 22nd. Wall Street Zen cut shares of PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Lake Street Capital set a $8.00 price objective on shares of PowerFleet and gave the company a "buy" rating in a research note on Tuesday, May 27th. Finally, Zacks Research cut shares of PowerFleet from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.50.

PowerFleet Trading Up 0.2%

AIOT traded up $0.01 during trading on Friday, hitting $4.67. 860,555 shares of the stock traded hands, compared to its average volume of 1,778,111. The firm has a market capitalization of $623.16 million, a P/E ratio of -15.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92. The firm has a 50-day moving average of $4.38 and a 200 day moving average of $5.11. PowerFleet, Inc. has a 12-month low of $3.70 and a 12-month high of $8.71.

Insider Buying and Selling at PowerFleet

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