PowerFleet, Inc. (NASDAQ:AIOT) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• PowerFleet, Inc. has received an average rating of "Moderate Buy" from seven brokerages, with five analysts giving it a buy rating.
• Insider trading activity has shown confidence, with Director Michael J. Mcconnell and CEO Steven Mark Towe significantly increasing their share holdings in August.
• Institutional investors have heavily invested in PowerFleet, with 73.40% of the stock owned by hedge funds and institutions after large increases in holdings from multiple entities.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seven brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $10.50.

AIOT has been the topic of several research analyst reports. Zacks Research raised PowerFleet from a "strong sell" rating to a "hold" rating in a research note on Monday, October 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of PowerFleet in a research report on Wednesday, October 8th. Wall Street Zen lowered PowerFleet from a "hold" rating to a "sell" rating in a research report on Sunday, October 12th. Finally, Barrington Research reissued an "outperform" rating and set a $15.00 price target on shares of PowerFleet in a research report on Tuesday, September 23rd.

Insider Activity at PowerFleet

In related news, Director Michael J. Mcconnell purchased 10,000 shares of PowerFleet 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 owned 28,028 shares of the company's stock, valued at approximately $130,049.92. The trade was a 55.47% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steven Mark Towe purchased 23,157 shares of PowerFleet stock in a transaction that occurred on Thursday, August 14th. The shares were bought 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 directly owned 2,457,923 shares in the company, valued at $10,864,019.66. This represents a 0.95% increase in their position. The disclosure for this purchase can be found here. Insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On PowerFleet

Institutional investors have recently made changes to their positions in the business. Voss Capital LP increased its holdings in shares of PowerFleet by 104.3% in the 2nd quarter. Voss Capital LP now owns 5,559,491 shares of the company's stock valued at $23,961,000 after acquiring an additional 2,838,900 shares during the last quarter. CenterBook Partners LP increased its holdings in shares of PowerFleet by 683.8% in the 1st quarter. CenterBook Partners LP now owns 2,877,826 shares of the company's stock valued at $15,799,000 after acquiring an additional 2,510,674 shares during the last quarter. Wasatch Advisors LP bought a new stake in shares of PowerFleet in the 2nd quarter valued at approximately $6,426,000. Driehaus Capital Management LLC bought a new stake in shares of PowerFleet in the 1st quarter valued at approximately $6,387,000. Finally, Private Management Group Inc. increased its holdings in shares of PowerFleet by 29.3% in the 2nd quarter. Private Management Group Inc. now owns 4,884,151 shares of the company's stock valued at $21,051,000 after acquiring an additional 1,105,673 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

PowerFleet Stock Performance

NASDAQ AIOT opened at $5.29 on Friday. The firm has a market capitalization of $705.90 million, a P/E ratio of -17.63 and a beta of 1.32. PowerFleet has a 1-year low of $3.70 and a 1-year high of $8.71. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92. The business's 50-day simple moving average is $5.05 and its 200-day simple moving average is $4.83.

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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