PowerFleet, Inc. (NASDAQ:AIOT) Sees Large Drop in Short Interest

Key Points

• Short interest fell 13.8% to 12,937,636 shares as of March 31, representing about 10.3% of shares sold short and a days-to-cover ratio of 6.3 days.
• Analyst sentiment is mixed: PowerFleet carries an average rating of "Moderate Buy" with an average price target of $10.33, while individual firms range from Barrington's $15 target to Wall Street Zen's recent downgrade to sell.
• Shares opened at $3.32 (50/200-day averages $3.38/$4.56) with a market cap of $445.4M; the company missed quarterly EPS estimates ($0.02 vs. $0.04), has negative margins and sell-side forecasts of a -0.32 EPS for the year.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) was the target of a significant decrease in short interest in the month of March. As of March 31st, there was short interest totaling 12,937,636 shares, a decrease of 13.8% from the March 15th total of 15,007,513 shares. Approximately 10.3% of the shares of the company are sold short. Based on an average trading volume of 2,047,734 shares, the days-to-cover ratio is presently 6.3 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on AIOT shares. Weiss Ratings raised PowerFleet from a "sell (d-)" rating to a "hold (c-)" rating in a report on Tuesday, February 10th. Wall Street Zen downgraded PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Finally, Barrington Research reissued an "outperform" rating and issued a $15.00 price objective on shares of PowerFleet in a report on Friday, February 6th. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, PowerFleet currently has an average rating of "Moderate Buy" and an average price target of $10.33.

PowerFleet Price Performance

Shares of NASDAQ AIOT opened at $3.32 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.09 and a quick ratio of 0.96. The stock has a fifty day moving average price of $3.38 and a 200 day moving average price of $4.56. PowerFleet has a 1-year low of $2.78 and a 1-year high of $6.07. The company has a market cap of $445.37 million, a PE ratio of -14.43 and a beta of 1.40.

PowerFleet (NASDAQ:AIOT - Get Free Report) last issued its quarterly earnings results on Monday, February 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). PowerFleet had a negative return on equity of 5.23% and a negative net margin of 7.00%.The company had revenue of $113.49 million for the quarter, compared to analyst estimates of $111.69 million. Sell-side analysts forecast that PowerFleet will post -0.32 EPS for the current year.

Institutional Investors Weigh In On PowerFleet

Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue acquired a new stake in shares of PowerFleet during the third quarter worth $31,000. Hurley Capital LLC acquired a new stake in shares of PowerFleet during the fourth quarter worth $32,000. CWM LLC lifted its holdings in shares of PowerFleet by 784.9% during the third quarter. CWM LLC now owns 6,203 shares of the company's stock worth $33,000 after purchasing an additional 5,502 shares during the period. Kemnay Advisory Services Inc. acquired a new stake in shares of PowerFleet during the fourth quarter worth $48,000. Finally, BNP Paribas Financial Markets lifted its holdings in PowerFleet by 100.9% in the second quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company's stock valued at $51,000 after acquiring an additional 5,904 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

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.

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