PowerFleet (NASDAQ:AIOT) Shares Gap Up - Here's What Happened

Key Points

• PowerFleet shares jumped from a previous closing price of $3.87 to an opening price of $4.37 on Monday, with about 1.3 million shares traded.
• Analysts have given PowerFleet a consensus rating of "Moderate Buy," with price targets ranging from $8.00 to $15.00 across different brokerages.
• The company reported a loss of $0.08 per share in its latest earnings release, significantly missing analyst expectations of a $0.01 profit.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $3.87, but opened at $4.37. PowerFleet shares last traded at $4.35, with a volume of 1,328,017 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on AIOT. 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 raised PowerFleet from a "sell" rating to a "hold" rating in a research note on Saturday, June 21st. Raymond James Financial decreased their price target on PowerFleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Finally, Barrington Research reissued an "outperform" rating and issued a $15.00 price target on shares of PowerFleet in a research note on Monday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

PowerFleet Stock Up 2.9%

The firm has a 50 day moving average of $4.41 and a 200 day moving average of $5.28. The firm has a market cap of $609.82 million, a price-to-earnings ratio of -15.23 and a beta of 1.35. The company has a quick ratio of 1.00, a current ratio of 1.07 and a debt-to-equity ratio of 0.51.

Insider Buying and Selling

In other PowerFleet news, CEO Steven Mark Towe bought 23,157 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The stock was 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 directly owned 2,457,923 shares of the company's stock, valued at approximately $10,864,019.66. This trade represents a 0.95% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 6.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AIOT. Private Capital Management LLC bought a new position in PowerFleet in the fourth quarter worth approximately $45,504,000. AWM Investment Company Inc. bought a new position in PowerFleet in the fourth quarter worth approximately $31,000,000. 325 Capital LLC bought a new position in PowerFleet in the fourth quarter worth approximately $24,737,000. Voss Capital LP lifted its holdings in shares of PowerFleet by 104.3% in the second quarter. Voss Capital LP now owns 5,559,491 shares of the company's stock valued at $23,961,000 after purchasing an additional 2,838,900 shares in the last quarter. Finally, CenterBook Partners LP lifted its holdings in shares of PowerFleet by 683.8% in the first quarter. CenterBook Partners LP now owns 2,877,826 shares of the company's stock valued at $15,799,000 after purchasing an additional 2,510,674 shares in the last quarter. 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.