PowerFleet, Inc. (NASDAQ:AIOT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• PowerFleet, Inc. (NASDAQ:AIOT) has received a consensus recommendation of “Moderate Buy” from analysts, with an average price target of $10.50.
• Recent trading activity includes insider purchases by Director Michael J. Mcconnell and CEO Steven Mark Towe, indicating a positive outlook from company leadership.
• Institutional investors and hedge funds own approximately 73.40% of PowerFleet’s stock, reflecting strong institutional interest in the company.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the six analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $10.50.

AIOT has been the subject of several recent research reports. Zacks Research lowered shares of PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Barrington Research reissued an "outperform" rating and set a $15.00 price objective on shares of PowerFleet in a report on Tuesday, September 23rd. Finally, Wall Street Zen lowered shares of PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, August 16th.

PowerFleet Stock Up 0.6%

Shares of NASDAQ AIOT opened at $5.19 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. The firm has a market capitalization of $692.55 million, a price-to-earnings ratio of -17.30 and a beta of 1.28. The stock has a 50 day moving average price of $4.67 and a 200 day moving average price of $4.86. PowerFleet has a 52-week low of $3.70 and a 52-week high of $8.71.

Insiders Place Their Bets

In other news, Director Michael J. Mcconnell bought 10,000 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $4.64 per share, with a total value of $46,400.00. Following the transaction, the director directly owned 28,028 shares in the company, valued at approximately $130,049.92. The trade was a 55.47% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steven Mark Towe bought 23,157 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased 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 in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On PowerFleet

Several hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC increased its position in shares of PowerFleet by 39.4% in the 2nd quarter. Squarepoint Ops LLC now owns 494,646 shares of the company's stock valued at $2,132,000 after acquiring an additional 139,847 shares during the period. Wasatch Advisors LP acquired a new position in PowerFleet during the second quarter valued at $6,426,000. Tidal Investments LLC lifted its position in PowerFleet by 23.5% during the second quarter. Tidal Investments LLC now owns 120,973 shares of the company's stock valued at $521,000 after purchasing an additional 22,998 shares during the period. Oxford Asset Management LLP acquired a new position in PowerFleet during the second quarter valued at $81,000. Finally, BNP Paribas Financial Markets lifted its position in PowerFleet by 100.9% during the second quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company's stock valued at $51,000 after purchasing an additional 5,904 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

PowerFleet Company 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.

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