PowerFleet (NASDAQ:AIOT) Stock Price Down 9.6% - Here's Why

Key Points

• PowerFleet's stock price dropped by 9.6% to $4.69 during mid-day trading, with a trading volume decrease of 15% from the average daily volume.
• Analysts remain divided on PowerFleet, with a majority rating it as a "Hold" and a consensus price target of $10.50, despite recent downgrades.
• Insider trading activity includes purchases by Director Michael J. McConnell and CEO Steven Mark Towe, indicating management confidence amid stock volatility.

PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report)'s stock price was down 9.6% during mid-day trading on Friday . The company traded as low as $4.72 and last traded at $4.69. Approximately 1,599,812 shares changed hands during trading, a decline of 15% from the average daily volume of 1,879,611 shares. The stock had previously closed at $5.19.

Analyst Ratings Changes

A number of research analysts have issued reports on AIOT shares. Weiss Ratings restated a "sell (d-)" rating on shares of PowerFleet in a research report on Wednesday. Barrington Research reaffirmed an "outperform" rating and set a $15.00 price target on shares of PowerFleet in a report on Tuesday, September 23rd. Wall Street Zen raised shares of PowerFleet from a "sell" rating to a "hold" rating in a report on Saturday, October 4th. Finally, Zacks Research downgraded shares of PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Five investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $10.50.

PowerFleet Stock Performance

The company's 50 day moving average is $4.82 and its 200 day moving average is $4.83. The firm has a market cap of $627.84 million, a P/E ratio of -15.65 and a beta of 1.32. 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 Buying and Selling at PowerFleet

In other news, Director Michael J. Mcconnell acquired 10,000 shares of the firm's stock in a transaction dated Monday, August 18th. The stock was bought 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 directly owned 28,028 shares in the company, valued at $130,049.92. This represents a 55.47% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven Mark Towe acquired 23,157 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $4.42 per share, with a total value 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 $10,864,019.66. This trade represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PowerFleet

Large investors have recently modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of PowerFleet during the first quarter worth $36,000. California State Teachers Retirement System bought a new position in shares of PowerFleet in the fourth quarter valued at $46,000. GAMMA Investing LLC bought a new position in shares of PowerFleet in the first quarter valued at $46,000. Virtu Financial LLC bought a new position in shares of PowerFleet in the first quarter valued at $62,000. Finally, BNP Paribas Financial Markets lifted its position 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 valued at $51,000 after purchasing 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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