Ghisallo Capital Management LLC Buys New Stake in Powerfleet, Inc. (NASDAQ:AIOT)

Ghisallo Capital Management LLC purchased a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,000,000 shares of the company's stock, valued at approximately $6,660,000. Ghisallo Capital Management LLC owned approximately 0.75% of Powerfleet at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Signaturefd LLC bought a new stake in Powerfleet in the fourth quarter valued at approximately $25,000. Financial Management Professionals Inc. purchased a new stake in Powerfleet in the 4th quarter valued at about $50,000. Spire Wealth Management bought a new stake in shares of Powerfleet during the 4th quarter worth $55,000. Legal & General Group Plc purchased a new position in Powerfleet in the fourth quarter valued at approximately $58,000. Finally, Summit Investment Advisors Inc. purchased a new position in shares of Powerfleet in the fourth quarter worth about $59,000. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on AIOT shares. Lake Street Capital raised their price target on Powerfleet from $7.00 to $11.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Raymond James decreased their target price on Powerfleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research report on Tuesday. Northland Securities lifted 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. Finally, Barrington Research reaffirmed an "outperform" rating and set a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $11.25.

Powerfleet Stock Performance

Shares of AIOT stock traded down $0.07 during trading hours on Wednesday, reaching $5.04. 790,656 shares of the company traded hands, compared to its average volume of 701,344. The firm has a 50-day moving average price of $5.59 and a 200 day moving average price of $6.08. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a 12-month low of $4.86 and a 12-month high of $5.45.

Powerfleet (NASDAQ:AIOT - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.13). On average, analysts anticipate that Powerfleet, Inc. will post -0.32 earnings per share for the current year.

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.