PowerFleet, Inc. (NASDAQ:AIOT) CEO Acquires $102,353.94 in 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 stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the transaction, the chief executive officer owned 2,457,923 shares of the company's stock, valued at $10,864,019.66. The trade was a 0.95% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

PowerFleet Trading Down 1.3%

AIOT stock traded down $0.06 during trading on Thursday, hitting $4.44. The company had a trading volume of 1,881,448 shares, compared to its average volume of 1,974,558. The company has a quick ratio of 1.00, a current ratio of 1.07 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $4.41 and a 200-day moving average price of $5.30. PowerFleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71. The stock has a market cap of $592.47 million, a price-to-earnings ratio of -14.80 and a beta of 1.35.

Institutional Trading of PowerFleet

A number of institutional investors have recently bought and sold shares of AIOT. NBC Securities Inc. acquired a new position in shares of PowerFleet in the 1st quarter valued at $36,000. Comerica Bank acquired a new position in shares of PowerFleet in the 4th quarter valued at $42,000. California State Teachers Retirement System acquired a new position in shares of PowerFleet in the 4th quarter valued at $46,000. GAMMA Investing LLC acquired a new position in shares of PowerFleet in the 1st quarter valued at $46,000. Finally, Spire Wealth Management grew its holdings in shares of PowerFleet by 39.6% in the 2nd quarter. Spire Wealth Management now owns 12,750 shares of the company's stock valued at $55,000 after buying an additional 3,620 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on AIOT. Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a "buy" rating in a research report on Tuesday, May 27th. Wall Street Zen raised PowerFleet from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Barrington Research reissued an "outperform" rating and set a $15.00 target price on shares of PowerFleet in a research report on Monday. Finally, Raymond James Financial decreased their target price on PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $10.50.

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.

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