PowerFleet (NASDAQ:AIOT) Cut to "Sell" at Wall Street Zen

Key Points

• PowerFleet has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, raising concerns among investors regarding its stock performance.
• Despite the downgrade, other analysts have varying opinions, with Lake Street Capital maintaining a "buy" rating and a target price of $8.00, reflecting differing outlooks on the company's future.
• PowerFleet's CEO, Steven Mark Towe, recently purchased over 23,000 shares, indicating his confidence in the company's prospects, despite current stock pressures.

PowerFleet (NASDAQ:AIOT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Other research analysts have also issued reports about the stock. Raymond James Financial dropped their price target on shares of PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. Barrington Research restated an "outperform" rating and set a $15.00 target price on shares of PowerFleet in a research report on Monday, August 11th. Finally, Lake Street Capital set a $8.00 target price on shares of PowerFleet and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, PowerFleet presently has an average rating of "Moderate Buy" and an average target price of $10.50.

PowerFleet Stock Performance

Shares of PowerFleet stock traded down $0.1350 on Friday, reaching $4.2250. 286,275 shares of the stock were exchanged, compared to its average volume of 1,955,428. PowerFleet has a 1-year low of $3.70 and a 1-year high of $8.71. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average price of $4.39 and a two-hundred day moving average price of $5.25. The firm has a market capitalization of $563.78 million, a PE ratio of -14.15 and a beta of 1.35.

Insider Activity at PowerFleet

In other news, CEO Steven Mark Towe acquired 23,157 shares of PowerFleet stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $4.42 per share, with a total value of $102,353.94. Following the completion of the purchase, the chief executive officer owned 2,457,923 shares of the company's stock, valued at approximately $10,864,019.66. This represents a 0.95% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael J. Mcconnell acquired 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, for a total transaction of $46,400.00. Following the purchase, the director directly owned 28,028 shares of the company's stock, valued at approximately $130,049.92. This trade represents a 55.47% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On PowerFleet

Several institutional investors and hedge funds have recently modified their holdings of AIOT. LPL Financial LLC purchased a new position in shares of PowerFleet during the fourth quarter valued at approximately $398,000. JPMorgan Chase & Co. purchased a new position in shares of PowerFleet during the fourth quarter valued at approximately $694,000. Alliancebernstein L.P. purchased a new position in PowerFleet during the fourth quarter worth approximately $627,000. Geode Capital Management LLC purchased a new position in PowerFleet during the fourth quarter worth approximately $15,938,000. Finally, Wells Fargo & Company MN purchased a new position in PowerFleet during the fourth quarter worth approximately $369,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

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.