PowerFleet (NASDAQ:AIOT) Shares Up 8.3% - Time to Buy?

Key Points

• PowerFleet's stock price increased by 8.3%, reaching $5.42 during trading, despite the trading volume declining by 64% compared to the average.
• Research firms have mixed ratings on PowerFleet, with Zacks cutting it to a "strong sell" and Barrington Research setting a positive target of $15.00, resulting in a consensus rating of "Moderate Buy" with a target price of $10.50.
• Insider transactions indicate confidence in the company, with significant purchases from both Director Michael J. Mcconnell and CEO Steven Mark Towe, indicating an increase in their holdings.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report)'s stock price shot up 8.3% during trading on Thursday . The company traded as high as $5.37 and last traded at $5.42. 694,729 shares were traded during trading, a decline of 64% from the average session volume of 1,922,246 shares. The stock had previously closed at $5.00.

Wall Street Analyst Weigh In

A number of research firms have commented on AIOT. Zacks Research cut PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Wall Street Zen cut PowerFleet from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a "buy" rating in a report on Tuesday, May 27th. Finally, Barrington Research reissued an "outperform" rating and set a $15.00 price target on shares of PowerFleet in a report on Friday, August 22nd. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, PowerFleet currently has a consensus rating of "Moderate Buy" and an average target price of $10.50.

PowerFleet Stock Up 5.5%

The company has a 50-day simple moving average of $4.43 and a 200-day simple moving average of $4.97. The firm has a market cap of $703.90 million, a PE ratio of -17.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92.

Insider Buying and Selling

In other PowerFleet news, Director Michael J. Mcconnell purchased 10,000 shares of PowerFleet stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of $4.64 per share, with a total value of $46,400.00. Following the completion of the transaction, the director owned 28,028 shares in the company, valued at approximately $130,049.92. This trade represents a 55.47% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven Mark Towe purchased 23,157 shares of PowerFleet stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On PowerFleet

Several hedge funds have recently made changes to their positions in the company. Private Capital Management LLC acquired a new position in shares of PowerFleet in the 4th quarter valued at $45,504,000. Vanguard Group Inc. boosted its holdings in PowerFleet by 3.8% in the first quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company's stock valued at $36,923,000 after purchasing an additional 248,914 shares during the last quarter. Voss Capital LP boosted its holdings in 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 during the last quarter. Private Management Group Inc. boosted its holdings in PowerFleet by 29.3% in the second quarter. Private Management Group Inc. now owns 4,884,151 shares of the company's stock valued at $21,051,000 after purchasing an additional 1,105,673 shares during the last quarter. Finally, AWM Investment Company Inc. purchased a new stake in PowerFleet in the fourth quarter valued at $31,000,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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.

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