Lord Abbett & CO. LLC Invests $6.49 Million in Powerfleet, Inc. (NASDAQ:AIOT)

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

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

Powerfleet Stock Down 1.4 %

Shares of AIOT stock traded down $0.07 during trading on Wednesday, hitting $5.04. The company had a trading volume of 790,656 shares, compared to its average volume of 1,515,946. The stock's 50-day moving average price is $5.59 and its 200 day moving average price is $6.08. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a one year low of $3.70 and a one year high of $8.71.

Powerfleet (NASDAQ:AIOT - Get Free Report) last issued its 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). Analysts forecast that Powerfleet, Inc. will post -0.32 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Raymond James lowered their price target on Powerfleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Tuesday. Barrington Research restated an "outperform" rating and issued a $15.00 target price on shares of Powerfleet in a research note on Thursday, February 13th. Northland Securities upped their price target on Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Tuesday, February 11th. Finally, Lake Street Capital upped their price target on Powerfleet from $7.00 to $11.00 and gave the company a "buy" rating in a research report on Tuesday, February 11th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $11.25.

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.