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

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.

Shares of PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) gapped up before the market opened 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.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AIOT. Wall Street Zen raised PowerFleet from a "sell" rating to a "hold" rating in a report on Saturday, June 21st. Raymond James Financial reduced their price objective on PowerFleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Barrington Research restated an "outperform" rating and set a $15.00 price target on shares of PowerFleet in a research report on Monday. Finally, Lake Street Capital set a $8.00 price target on shares of PowerFleet and gave the stock a "buy" rating in a research report on Tuesday, May 27th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, PowerFleet currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

PowerFleet Stock Performance

The company has a current ratio of 1.12, a quick ratio of 1.00 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $590.47 million, a PE ratio of -10.27 and a beta of 1.35. The firm's 50-day simple moving average is $4.42 and its two-hundred day simple moving average is $5.33.

PowerFleet (NASDAQ:AIOT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.01 by ($0.09). PowerFleet had a negative return on equity of 11.68% and a negative net margin of 14.06%. On average, equities research analysts expect that PowerFleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Institutional Trading of PowerFleet

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Corebridge Financial Inc. boosted its position in PowerFleet by 4.3% during the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company's stock worth $269,000 after purchasing an additional 2,036 shares during the period. Inspire Investing LLC boosted its holdings in shares of PowerFleet by 4.0% during the 1st quarter. Inspire Investing LLC now owns 62,253 shares of the company's stock worth $342,000 after buying an additional 2,419 shares during the period. Oppenheimer Asset Management Inc. grew its stake in PowerFleet by 14.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company's stock valued at $111,000 after buying an additional 2,594 shares during the last quarter. Spire Wealth Management grew its stake in PowerFleet by 39.6% in the 2nd quarter. Spire Wealth Management now owns 12,750 shares of the company's stock valued at $55,000 after buying an additional 3,620 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in PowerFleet by 17.7% in the 2nd quarter. ProShare Advisors LLC now owns 25,489 shares of the company's stock worth $110,000 after acquiring an additional 3,833 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

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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