Vanguard Group Inc. Increases Position in PowerFleet, Inc. $AIOT

Key Points

• Vanguard Group Inc. increased its stake in PowerFleet, Inc. by 3.8%, owning approximately 5.08% of the company, worth around $36.9 million after acquiring an additional 248,914 shares.
• Institutional investors and hedge funds collectively own 73.40% of PowerFleet's stock, with several new positions opened by different firms during the first quarter.
• PowerFleet received mixed ratings from analysts, with Zacks Research downgrading its rating to "strong sell," while Barrington Research maintained an "outperform" rating with a price target of $15.00.

Vanguard Group Inc. lifted its stake in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 3.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,725,504 shares of the company's stock after purchasing an additional 248,914 shares during the quarter. Vanguard Group Inc. owned about 5.08% of PowerFleet worth $36,923,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Comerica Bank purchased a new position in shares of PowerFleet in the 4th quarter worth approximately $42,000. NBC Securities Inc. purchased a new position in shares of PowerFleet in the 1st quarter worth approximately $36,000. California State Teachers Retirement System purchased a new position in shares of PowerFleet in the 4th quarter worth approximately $46,000. GAMMA Investing LLC purchased a new position in shares of PowerFleet in the 1st quarter worth approximately $46,000. Finally, Legal & General Group Plc purchased a new position in shares of PowerFleet in the 4th quarter worth approximately $58,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Insiders Place Their Bets

In related news, Director Michael J. Mcconnell purchased 10,000 shares of the business's stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the acquisition, the director owned 28,028 shares of the company's stock, valued at $130,049.92. The trade was a 55.47% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven Mark Towe purchased 23,157 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the acquisition, the chief executive officer directly owned 2,457,923 shares in the company, valued at approximately $10,864,019.66. This trade represents 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.

Analyst Upgrades and Downgrades

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

PowerFleet Stock Up 0.2%

NASDAQ AIOT traded up $0.01 on Monday, reaching $4.67. 860,555 shares of the stock traded hands, compared to its average volume of 1,778,111. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. The company has a fifty day moving average price of $4.38 and a 200-day moving average price of $5.09. The company has a market cap of $623.16 million, a price-to-earnings ratio of -15.57 and a beta of 1.28. PowerFleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71.

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.