Steven Mark Towe Acquires 23,157 Shares of PowerFleet, Inc. (NASDAQ:AIOT) Stock

Key Points

• CEO Steven Mark Towe of PowerFleet, Inc. purchased 23,157 shares at an average price of $4.42, totaling $102,353.94, increasing his stake in the company to 2,457,923 shares.
• The stock is currently trading at $4.44, down 1.3%, with a market capitalization of $592.47 million and a price-to-earnings ratio of -14.80.
• Analysts have provided mixed ratings, with a consensus of "Moderate Buy" and an average price target of $10.50, reflecting optimism about PowerFleet's growth potential.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) CEO Steven Mark Towe purchased 23,157 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the purchase, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

PowerFleet Stock Down 0.3%

Shares of NASDAQ:AIOT traded down $0.02 during trading on Tuesday, hitting $4.57. 216,099 shares of the company's stock traded hands, compared to its average volume of 1,957,815. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average price of $4.40 and a 200-day moving average price of $5.26. PowerFleet, Inc. has a 52 week low of $3.70 and a 52 week high of $8.71. The company has a market cap of $609.15 million, a price-to-earnings ratio of -15.28 and a beta of 1.35.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Barrington Research reiterated an "outperform" rating and issued a $15.00 price objective on shares of PowerFleet in a report on Monday, August 11th. Raymond James Financial 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, April 29th. Lake Street Capital set a $8.00 price objective on shares of PowerFleet and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Wall Street Zen downgraded shares of PowerFleet from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Zacks Research lowered shares of PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $10.50.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AIOT. Oppenheimer & Co. Inc. bought a new stake in PowerFleet in the 1st quarter valued at $172,000. The Manufacturers Life Insurance Company acquired a new stake in shares of PowerFleet in the 4th quarter valued at about $219,000. Legal & General Group Plc bought a new stake in shares of PowerFleet in the fourth quarter valued at about $58,000. Geode Capital Management LLC acquired a new position in shares of PowerFleet during the fourth quarter worth about $15,938,000. Finally, Bank of America Corp DE acquired a new position in shares of PowerFleet during the fourth quarter worth about $1,487,000. Institutional investors own 73.40% of the company's stock.

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.