Geode Capital Management LLC Purchases New Shares in Powerfleet, Inc. (NASDAQ:AIOT)

Geode Capital Management LLC acquired a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,392,562 shares of the company's stock, valued at approximately $15,938,000. Geode Capital Management LLC owned about 1.81% of Powerfleet at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. purchased a new stake in Powerfleet in the fourth quarter worth approximately $43,134,000. Royce & Associates LP bought a new stake in shares of Powerfleet in the 4th quarter worth approximately $24,487,000. Private Management Group Inc. purchased a new stake in shares of Powerfleet in the 4th quarter valued at $23,147,000. AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of Powerfleet during the 4th quarter valued at $11,034,000. Finally, Hodges Capital Management Inc. purchased a new position in Powerfleet in the 4th quarter worth $10,982,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Powerfleet Price Performance

Shares of Powerfleet stock traded down $0.07 during trading on Friday, reaching $5.07. 177,376 shares of the stock were exchanged, compared to its average volume of 1,525,069. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21. Powerfleet, Inc. has a 1 year low of $3.70 and a 1 year high of $8.71. The stock's fifty day moving average is $5.76 and its 200 day moving average is $6.07.

Powerfleet (NASDAQ:AIOT - Get Free Report) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13). Sell-side analysts predict that Powerfleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

AIOT has been the topic of a number of recent research reports. Northland Securities raised their price objective on Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Tuesday, February 11th. Lake Street Capital raised their price target on Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. Finally, Barrington Research reiterated an "outperform" rating and issued a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 13th.

Powerfleet Company 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.