PowerFleet (NASDAQ:AIOT) Receives Outperform Rating from Barrington Research

Key Points

• Barrington Research has restated its "outperform" rating for PowerFleet (NASDAQ:AIOT) with a target price of $15.00, indicating a potential upside of 165.82% from the current price.
• PowerFleet shares recently traded up 4.7%, reaching $5.64, with a one-year low of $3.70 and a high of $8.71.
• Insider purchases were reported, with CEO Steven Mark Towe buying 23,157 shares, raising his ownership of the company stock, reflecting confidence in its future performance.

PowerFleet (NASDAQ:AIOT - Get Free Report)'s stock had its "outperform" rating restated by stock analysts at Barrington Research in a research note issued on Tuesday,Benzinga reports. They currently have a $15.00 target price on the stock. Barrington Research's target price would indicate a potential upside of 165.82% from the company's current price.

Other equities analysts have also recently issued research reports about the company. Lake Street Capital set a $8.00 target price on PowerFleet and gave the stock a "buy" rating in a report on Tuesday, May 27th. Wall Street Zen downgraded PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Finally, Zacks Research cut PowerFleet from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Trading Up 4.7%

AIOT traded up $0.25 during midday trading on Tuesday, reaching $5.64. 455,532 shares of the company were exchanged, compared to its average volume of 1,918,900. The stock's 50-day simple moving average is $4.60 and its 200 day simple moving average is $4.87. PowerFleet has a one year low of $3.70 and a one year high of $8.71. The stock has a market capitalization of $753.00 million, a P/E ratio of -18.72 and a beta of 1.28. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07.

Insider Activity

In related news, CEO Steven Mark Towe purchased 23,157 shares of the company's stock in a transaction 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 transaction, the chief executive officer owned 2,457,923 shares of the company's stock, valued at $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael J. Mcconnell bought 10,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was purchased at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the completion of the transaction, the director owned 28,028 shares of the company's stock, valued at $130,049.92. This represents a 55.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 6.30% of the company's stock.

Institutional Trading of PowerFleet

A number of hedge funds have recently modified their holdings of AIOT. Squarepoint Ops LLC grew its stake in shares of PowerFleet by 39.4% during the 2nd quarter. Squarepoint Ops LLC now owns 494,646 shares of the company's stock worth $2,132,000 after acquiring an additional 139,847 shares in the last quarter. Wasatch Advisors LP bought a new position in PowerFleet during the second quarter worth $6,426,000. Tidal Investments LLC boosted its position in PowerFleet by 23.5% during the second quarter. Tidal Investments LLC now owns 120,973 shares of the company's stock worth $521,000 after purchasing an additional 22,998 shares during the period. Oxford Asset Management LLP acquired a new stake in shares of PowerFleet during the second quarter worth $81,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of PowerFleet by 100.9% during the second quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company's stock worth $51,000 after buying an additional 5,904 shares in the last quarter. 73.40% of the stock is currently 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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