PowerFleet (NASDAQ:AIOT) Upgraded by Zacks Research to Hold Rating

Key Points

• PowerFleet has been upgraded by Zacks Research from a "strong sell" rating to a "hold" rating, reflecting a potential stabilization in the company's outlook.
• Institutional investors own approximately 73.40% of PowerFleet's shares, indicating significant confidence from large financial entities.
• The company has experienced varied ratings from different analysts, with five giving it a Buy rating and a current average target price of $10.50.

PowerFleet (NASDAQ:AIOT - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Wall Street Zen lowered shares of PowerFleet from a "hold" rating to a "sell" rating in a research note on Sunday. Weiss Ratings reiterated a "sell (d-)" rating on shares of PowerFleet in a research note on Wednesday, October 8th. Finally, Barrington Research reiterated an "outperform" rating and set a $15.00 target price on shares of PowerFleet in a research note on Tuesday, September 23rd. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, PowerFleet currently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

PowerFleet Price Performance

Shares of AIOT opened at $5.45 on Monday. The firm has a market cap of $727.25 million, a PE ratio of -18.17 and a beta of 1.32. 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 firm has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $4.81. PowerFleet has a 1-year low of $3.70 and a 1-year high of $8.71.

Insider Buying and Selling at PowerFleet

In other news, Director Michael J. Mcconnell bought 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 acquisition, the director owned 28,028 shares of the company's stock, valued at approximately $130,049.92. This represents a 55.47% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven Mark Towe bought 23,157 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $4.42 per share, with a total value of $102,353.94. Following the acquisition, the chief executive officer directly owned 2,457,923 shares in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 6.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of AIOT. GAMMA Investing LLC bought a new position in PowerFleet in the 1st quarter worth $46,000. BNP Paribas Financial Markets boosted its holdings in shares of PowerFleet by 100.9% during the 2nd 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 during the last quarter. Spire Wealth Management boosted its holdings in shares of PowerFleet by 39.6% during the 2nd quarter. Spire Wealth Management now owns 12,750 shares of the company's stock valued at $55,000 after purchasing an additional 3,620 shares during the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of PowerFleet by 43.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,692 shares of the company's stock valued at $55,000 after purchasing an additional 3,826 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of PowerFleet during the 1st quarter valued at about $62,000. 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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