Powerfleet (NASDAQ:AIOT) Releases Quarterly Earnings Results, Misses Estimates By $0.41 EPS

Powerfleet (NASDAQ:AIOT - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.41), Zacks reports.

Powerfleet Price Performance

Powerfleet stock opened at $4.86 on Monday. The business has a fifty day moving average price of $5.02 and a 200-day moving average price of $5.93. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. Powerfleet has a one year low of $3.70 and a one year high of $8.71.

Hedge Funds Weigh In On Powerfleet

Large investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Powerfleet during the first quarter valued at approximately $251,000. Royal Bank of Canada boosted its stake in shares of Powerfleet by 198.0% during the 1st quarter. Royal Bank of Canada now owns 91,365 shares of the company's stock valued at $501,000 after purchasing an additional 60,705 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Powerfleet by 275.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company's stock valued at $1,116,000 after buying an additional 149,116 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in Powerfleet in the first quarter worth about $3,670,000. Finally, Goldman Sachs Group Inc. boosted its position in Powerfleet by 15.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company's stock valued at $5,739,000 after acquiring an additional 138,856 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on AIOT shares. Lake Street Capital set a $8.00 price objective on shares of Powerfleet and gave the company a "buy" rating in a research report on Tuesday, May 27th. Raymond James dropped their target price on shares of Powerfleet from $10.00 to $8.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. Finally, Barrington Research reiterated an "outperform" rating and set a $15.00 price objective on shares of Powerfleet in a research report on Friday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $10.50.

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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