PowerFleet, Inc. (NASDAQ:AIOT) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts rate PowerFleet “Hold” overall: Of five covering firms, three recommend buying, one rates it a hold and one recommends selling. The average 12-month price target is $9.67, versus a recent share price of $4.22.
• Institutional ownership is substantial: Several hedge funds increased their positions, and institutional investors collectively own 73.4% of PowerFleet’s outstanding shares.
• PowerFleet authorized a $30 million share repurchase: The plan allows the company to buy back up to 6% of its shares, while the stock has recently traded between $2.78 and $5.88 over the past year.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) has been assigned a consensus recommendation of "Hold" from the five ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $9.6667.

AIOT has been the subject of several analyst reports. Raymond James Financial lowered their target price on shares of PowerFleet from $8.00 to $7.00 and set an "outperform" rating for the company in a report on Tuesday, June 16th. Wall Street Zen upgraded shares of PowerFleet from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded PowerFleet from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Tuesday, June 16th. Finally, UBS Group set a $7.00 target price on PowerFleet in a report on Tuesday, June 16th.

Hedge Funds Weigh In On PowerFleet

Institutional investors have recently added to or reduced their stakes in the stock. Kennedy Capital Management LLC boosted its stake in PowerFleet by 292.3% in the fourth quarter. Kennedy Capital Management LLC now owns 1,970,918 shares of the company's stock valued at $10,485,000 after acquiring an additional 1,468,573 shares during the last quarter. Bastion Asset Management Inc. increased its stake in shares of PowerFleet by 78.4% during the 4th quarter. Bastion Asset Management Inc. now owns 1,712,883 shares of the company's stock worth $8,853,000 after purchasing an additional 752,782 shares during the last quarter. Bandera Partners LLC raised its holdings in shares of PowerFleet by 26.6% in the 1st quarter. Bandera Partners LLC now owns 2,381,666 shares of the company's stock worth $7,336,000 after purchasing an additional 500,000 shares during the period. Rothschild Investment LLC raised its holdings in shares of PowerFleet by 122,848.5% in the 4th quarter. Rothschild Investment LLC now owns 245,897 shares of the company's stock worth $1,308,000 after purchasing an additional 245,697 shares during the period. Finally, Wasatch Advisors LP lifted its stake in PowerFleet by 40.0% in the first quarter. Wasatch Advisors LP now owns 2,241,729 shares of the company's stock valued at $6,905,000 after purchasing an additional 639,966 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

PowerFleet Trading Down 1.6%

Shares of PowerFleet stock opened at $4.22 on Thursday. The company has a market capitalization of $566.45 million, a P/E ratio of -26.37 and a beta of 1.43. The stock has a fifty day simple moving average of $4.05 and a 200 day simple moving average of $3.80. PowerFleet has a 12-month low of $2.78 and a 12-month high of $5.88. The company has a current ratio of 1.13, a quick ratio of 0.99 and a debt-to-equity ratio of 0.48.

PowerFleet declared that its Board of Directors has initiated a share repurchase plan on Tuesday, June 30th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to buy up to 6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

About PowerFleet

PowerFleet, Inc NASDAQ: AIOT develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company's systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company's hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source