Voss Capital LP Grows Stock Position in PowerFleet, Inc. $AIOT

Key Points

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Voss Capital LP boosted its stake in PowerFleet, Inc. (NASDAQ:AIOT - Free Report) by 40.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,720,591 shares of the company's stock after acquiring an additional 786,999 shares during the quarter. PowerFleet comprises about 1.1% of Voss Capital LP's holdings, making the stock its 21st largest holding. Voss Capital LP owned approximately 2.05% of PowerFleet worth $14,936,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Private Capital Management LLC purchased a new position in PowerFleet in the 4th quarter worth approximately $45,504,000. Vanguard Group Inc. raised its position in shares of PowerFleet by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company's stock valued at $36,923,000 after purchasing an additional 248,914 shares in the last quarter. AWM Investment Company Inc. acquired a new position in shares of PowerFleet in the 4th quarter valued at approximately $31,000,000. Private Management Group Inc. raised its position in shares of PowerFleet by 8.7% in the 1st quarter. Private Management Group Inc. now owns 3,778,478 shares of the company's stock valued at $20,744,000 after purchasing an additional 303,004 shares in the last quarter. Finally, Royce & Associates LP raised its position in shares of PowerFleet by 1.3% in the 1st quarter. Royce & Associates LP now owns 3,724,995 shares of the company's stock valued at $20,450,000 after purchasing an additional 48,240 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

PowerFleet Stock Performance

AIOT stock opened at $4.58 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The firm has a market cap of $611.16 million, a P/E ratio of -15.27 and a beta of 1.35. PowerFleet, Inc. has a 12-month low of $3.70 and a 12-month high of $8.71. The stock's 50 day simple moving average is $4.40 and its 200 day simple moving average is $5.26.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wall Street Zen lowered PowerFleet from a "hold" rating to a "sell" rating in a research report on Saturday. Lake Street Capital set a $8.00 target price on PowerFleet and gave the company a "buy" rating in a research report on Tuesday, May 27th. Zacks Research lowered PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday. Raymond James Financial cut their target price on PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a research report on Monday, August 11th. Two analysts have rated the stock with a sell rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, PowerFleet presently has a consensus rating of "Hold" and an average target price of $10.50.

Insider Activity at PowerFleet

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

About PowerFleet

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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