974,919 Shares in Powerfleet, Inc. (NASDAQ:AIOT) Bought by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC bought a new position in Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 974,919 shares of the company's stock, valued at approximately $6,493,000. Lord Abbett & CO. LLC owned about 0.74% of Powerfleet as of its most recent SEC filing.

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

Powerfleet Trading Up 3.0 %

AIOT stock traded up $0.15 during trading hours on Friday, hitting $5.15. The company's stock had a trading volume of 1,479,007 shares, compared to its average volume of 1,512,642. The stock has a 50 day moving average price of $5.45 and a two-hundred day moving average price of $6.07. Powerfleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71. 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 (NASDAQ:AIOT - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.13). Analysts predict that Powerfleet, Inc. will post -0.32 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.