PowerFleet (NASDAQ:AIOT) Trading Down 4.2% - What's Next?

Key Points

• PowerFleet, Inc. shares fell by 4.2% during trading, closing at $5.29, with trading volume significantly down by 75% from the average.
• Several analysts have downgraded PowerFleet's stock, with Wall Street Zen changing its rating from "hold" to "sell", while Barrington Research maintained a target price of $15.00.
• Insider activity includes CEO Steven Mark Towe purchasing 23,157 shares, indicating confidence in the company's prospects despite recent stock performance.

Shares of PowerFleet, Inc. (NASDAQ:AIOT - Get Free Report) dropped 4.2% during trading on Monday . The company traded as low as $5.32 and last traded at $5.29. Approximately 474,537 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 1,879,489 shares. The stock had previously closed at $5.52.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wall Street Zen cut shares of PowerFleet from a "hold" rating to a "sell" rating in a research report on Sunday, October 12th. Barrington Research reaffirmed an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a research report on Tuesday, September 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of PowerFleet in a research note on Wednesday, October 8th. Finally, Zacks Research raised PowerFleet from a "strong sell" rating to a "hold" rating in a research report on Monday, October 13th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PowerFleet currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

PowerFleet Stock Down 4.3%

The company has a market capitalization of $704.56 million, a price-to-earnings ratio of -17.60 and a beta of 1.32. The company has a quick ratio of 0.92, a current ratio of 1.07 and a debt-to-equity ratio of 0.51. The firm has a 50 day moving average price of $4.98 and a two-hundred day moving average price of $4.81.

Insider Buying and Selling

In related news, CEO Steven Mark Towe purchased 23,157 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer owned 2,457,923 shares of the company's stock, valued at $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Mcconnell purchased 10,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was bought at an average price of $4.64 per share, with a total value of $46,400.00. Following the purchase, the director owned 28,028 shares of the company's stock, valued at approximately $130,049.92. The trade was a 55.47% increase in their position. The disclosure for this purchase can be found here. 6.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On PowerFleet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Voss Capital LP raised its stake 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 in the last quarter. CenterBook Partners LP raised its stake in PowerFleet by 683.8% during the first quarter. CenterBook Partners LP now owns 2,877,826 shares of the company's stock valued at $15,799,000 after buying an additional 2,510,674 shares in the last quarter. Wasatch Advisors LP bought a new position in PowerFleet during the 2nd quarter worth approximately $6,426,000. Driehaus Capital Management LLC bought a new position in PowerFleet during the 1st quarter worth approximately $6,387,000. Finally, Private Management Group Inc. grew its position 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 worth $21,051,000 after acquiring an additional 1,105,673 shares in the last quarter. Institutional investors 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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