PowerFleet (NASDAQ:AIOT) Upgraded at Wall Street Zen

Key Points

• PowerFleet has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a change in analysts' outlook on the company.
• The stock currently has a consensus price target of $10.50 and an average rating of "Moderate Buy" based on ratings from multiple analysts.
• Insider buying is notable, with CEO Steven Mark Towe purchasing over 23,000 shares recently, reflecting confidence in the company's future performance.

PowerFleet (NASDAQ:AIOT - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

Several other research analysts have also issued reports on AIOT. Weiss Ratings reiterated a "sell (d-)" rating on shares of PowerFleet in a research report on Friday. Barrington Research reiterated an "outperform" rating and issued a $15.00 target price on shares of PowerFleet in a research report on Tuesday, September 23rd. Finally, Zacks Research upgraded shares of PowerFleet from a "strong sell" rating to a "hold" rating in a research report on Monday, October 13th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $10.50.

PowerFleet Stock Up 1.9%

AIOT opened at $5.39 on Friday. The company has a fifty day moving average price of $5.06 and a 200-day moving average price of $4.83. The firm has a market capitalization of $719.26 million, a P/E ratio of -17.97 and a beta of 1.32. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92. PowerFleet has a one year low of $3.70 and a one year high of $8.71.

Insider Buying and Selling at PowerFleet

In other PowerFleet news, CEO Steven Mark Towe purchased 23,157 shares of the stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $4.42 per share, with a total value of $102,353.94. Following the completion of the purchase, the chief executive officer directly owned 2,457,923 shares of the company's stock, valued at approximately $10,864,019.66. This trade represents a 0.95% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael J. Mcconnell purchased 10,000 shares of the stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of $4.64 per share, with a total value of $46,400.00. Following the completion of the purchase, the director directly owned 28,028 shares of the company's stock, valued at $130,049.92. The trade was a 55.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 6.30% of the company's stock.

Hedge Funds Weigh In On PowerFleet

Hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue bought a new position in shares of PowerFleet during the third quarter valued at about $31,000. CWM LLC raised its stake in shares of PowerFleet by 784.9% during the third quarter. CWM LLC now owns 6,203 shares of the company's stock valued at $33,000 after acquiring an additional 5,502 shares during the last quarter. Virtu Financial LLC bought a new position in shares of PowerFleet during the first quarter valued at about $62,000. Brookwood Investment Group LLC bought a new position in shares of PowerFleet during the third quarter valued at about $59,000. Finally, BNP Paribas Financial Markets raised its stake 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 acquiring an additional 5,904 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.