Short Interest in PowerFleet, Inc. (NASDAQ:PWFL) Rises By 24.7%

PowerFleet, Inc. (NASDAQ:PWFL - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 6,160,000 shares, an increase of 24.7% from the February 29th total of 4,940,000 shares. Based on an average daily volume of 419,200 shares, the short-interest ratio is presently 14.7 days. Currently, 18.5% of the company's shares are sold short.

PowerFleet Trading Down 7.9 %

NASDAQ:PWFL traded down $0.42 during midday trading on Monday, hitting $4.92. The stock had a trading volume of 2,128,485 shares, compared to its average volume of 499,149. PowerFleet has a one year low of $1.64 and a one year high of $5.64. The company has a market capitalization of $183.07 million, a price-to-earnings ratio of -15.87 and a beta of 1.72. The stock has a 50-day moving average of $3.46 and a 200 day moving average of $2.76. The company has a quick ratio of 1.28, a current ratio of 1.71 and a debt-to-equity ratio of 0.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Private Capital Management LLC boosted its position in PowerFleet by 50.5% during the 1st quarter. Private Capital Management LLC now owns 4,349,003 shares of the company's stock valued at $14,917,000 after acquiring an additional 1,459,830 shares in the last quarter. North Run Capital LP boosted its position in PowerFleet by 13.9% during the 4th quarter. North Run Capital LP now owns 2,694,646 shares of the company's stock valued at $7,249,000 after acquiring an additional 328,024 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its position in PowerFleet by 21.4% during the 1st quarter. ArrowMark Colorado Holdings LLC now owns 1,604,108 shares of the company's stock valued at $5,502,000 after acquiring an additional 283,182 shares in the last quarter. Millrace Asset Group Inc. bought a new stake in PowerFleet during the 4th quarter valued at $754,000. Finally, Penn Capital Management Company LLC bought a new stake in PowerFleet during the 1st quarter valued at $715,000. Institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PWFL. Craig Hallum initiated coverage on PowerFleet in a research report on Friday, March 15th. They set a "buy" rating and a $9.00 price objective on the stock. TheStreet raised PowerFleet from a "d" rating to a "c-" rating in a research note on Thursday, March 14th. Northland Securities initiated coverage on PowerFleet in a research note on Monday, March 18th. They set an "outperform" rating and a $7.00 target price on the stock. Lake Street Capital upped their target price on PowerFleet from $4.00 to $7.00 and gave the company a "buy" rating in a research note on Wednesday, March 13th. Finally, Canaccord Genuity Group upped their target price on PowerFleet from $6.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, March 13th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $8.17.

PowerFleet Company Profile

PowerFleet, Inc provides wireless Internet-of-Things (IoT) asset management solutions in the United States, Israel, and internationally. The company offers real-time intelligence for organizations to capture IoT data from various types of assets with devices and sensors to increase efficiencies, and improve safety and security, as well as increase their profitability in easy-to-understand reports, dashboards, and real-time alerts; and application programming interfaces for additional integrations and development to boost other enterprise management systems and third-party applications.