PowerFleet (NASDAQ:AIOT) Stock Rating Lowered by Wall Street Zen

Key Points

• PowerFleet's stock rating has been downgraded from a "hold" to a "sell" by analysts at Wall Street Zen.
• Weiss Ratings has also reissued a "sell (d-)" rating, while Barrington Research maintains an "outperform" rating with a $15.00 price target.
• Insider transactions included CEO Steven Mark Towe acquiring 23,157 shares, increasing his ownership stake, indicating confidence in the company's future.

PowerFleet (NASDAQ:AIOT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Sunday.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of PowerFleet in a report on Wednesday. Barrington Research reissued an "outperform" rating and issued a $15.00 price target on shares of PowerFleet in a report on Tuesday, September 23rd. Finally, Zacks Research downgraded shares of PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $10.50.

PowerFleet Price Performance

Shares of NASDAQ AIOT opened at $4.66 on Friday. PowerFleet has a twelve month low of $3.70 and a twelve month high of $8.71. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $621.83 million, a price-to-earnings ratio of -15.53 and a beta of 1.32. The firm has a 50-day moving average of $4.83 and a two-hundred day moving average of $4.81.

Insider Activity

In related news, CEO Steven Mark Towe acquired 23,157 shares of the business's stock in a transaction on Thursday, August 14th. The shares were purchased at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the acquisition, the chief executive officer owned 2,457,923 shares in the company, valued at approximately $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael J. Mcconnell acquired 10,000 shares of the business's stock in a transaction on Monday, August 18th. The shares were bought at an average price of $4.64 per share, for a total transaction of $46,400.00. Following the acquisition, 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 disclosure for this purchase can be found here. 6.30% of the stock is currently owned by insiders.

Institutional Trading of PowerFleet

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in PowerFleet by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company's stock worth $36,923,000 after buying an additional 248,914 shares during the period. Voss Capital LP increased its holdings in shares of PowerFleet by 104.3% in the 2nd 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 period. Private Management Group Inc. increased its holdings in shares of PowerFleet by 29.3% in the 2nd 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 period. CenterBook Partners LP increased its holdings in shares of PowerFleet by 40.4% in the 2nd quarter. CenterBook Partners LP now owns 4,040,568 shares of the company's stock valued at $17,415,000 after purchasing an additional 1,162,742 shares during the period. Finally, Royce & Associates LP increased its holdings in shares of PowerFleet by 1.3% in the 1st quarter. Royce & Associates LP now owns 3,724,995 shares of the company's stock valued at $20,450,000 after purchasing an additional 48,240 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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