PowerFleet (NASDAQ:AIOT) Earns "Outperform" Rating from Barrington Research

Key Points

• Barrington Research has reiterated an "outperform" rating on PowerFleet (NASDAQ: AIOT) with a price target of $15.00, suggesting a potential upside of 287.60% from the current share price.
• PowerFleet's average rating is currently a "Moderate Buy" with an average target price of $10.50, supported by five buy ratings and one hold rating from analysts.
• Institutional investors own 73.40% of PowerFleet's stock, indicating strong confidence in the company from major financial entities.

PowerFleet (NASDAQ:AIOT - Get Free Report)'s stock had its "outperform" rating restated by analysts at Barrington Research in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $15.00 price objective on the stock. Barrington Research's price objective points to a potential upside of 230.76% from the company's previous close.

A number of other equities analysts have also issued reports on the stock. Raymond James Financial reduced their target price on shares of PowerFleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Wall Street Zen upgraded shares of PowerFleet from a "sell" rating to a "hold" rating in a research report on Saturday, June 21st. Finally, Lake Street Capital set a $8.00 target price on shares of PowerFleet and gave the stock a "buy" rating in a research report on Tuesday, May 27th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $10.50.

PowerFleet Price Performance

NASDAQ:AIOT traded up $0.10 on Monday, reaching $4.54. The stock had a trading volume of 914,240 shares, compared to its average volume of 1,967,461. PowerFleet has a 1-year low of $3.70 and a 1-year high of $8.71. The stock has a fifty day moving average price of $4.41 and a 200-day moving average price of $5.29. The company has a market capitalization of $605.15 million, a P/E ratio of -15.12 and a beta of 1.35. The company has a quick ratio of 1.00, a current ratio of 1.07 and a debt-to-equity ratio of 0.51.

Insider Buying and Selling at PowerFleet

In other PowerFleet news, CEO Steven Mark Towe purchased 23,157 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $10,864,019.66. This represents a 0.95% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PowerFleet

Institutional investors and hedge funds have recently modified their holdings of the business. Private Capital Management LLC bought a new stake in PowerFleet in the fourth quarter valued at approximately $45,504,000. AWM Investment Company Inc. bought a new stake in PowerFleet in the fourth quarter valued at approximately $31,000,000. Ontario Teachers Pension Plan Board bought a new stake in PowerFleet in the fourth quarter valued at approximately $28,543,000. 325 Capital LLC bought a new stake in PowerFleet in the fourth quarter valued at approximately $24,737,000. Finally, Voss Capital LP increased its stake in PowerFleet by 104.3% in the second 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. 73.40% of the stock is owned by institutional investors.

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.