Private Capital Management LLC Makes New Investment in Powerfleet, Inc. (NASDAQ:AIOT)

Private Capital Management LLC acquired a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,832,443 shares of the company's stock, valued at approximately $45,504,000. Powerfleet makes up about 4.8% of Private Capital Management LLC's investment portfolio, making the stock its 5th largest holding. Private Capital Management LLC owned 5.17% of Powerfleet at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. purchased a new position in Powerfleet in the 4th quarter valued at about $43,134,000. Ontario Teachers Pension Plan Board purchased a new position in shares of Powerfleet in the fourth quarter valued at approximately $28,543,000. 325 Capital LLC acquired a new stake in shares of Powerfleet in the fourth quarter worth approximately $24,737,000. Royce & Associates LP purchased a new stake in shares of Powerfleet during the fourth quarter worth approximately $24,487,000. Finally, Private Management Group Inc. purchased a new stake in shares of Powerfleet during the fourth quarter worth approximately $23,147,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

AIOT has been the topic of a number of research reports. Northland Securities raised their price objective on Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a report on Tuesday, February 11th. Barrington Research reiterated an "outperform" rating and issued a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 13th. Lake Street Capital boosted their price target on shares of Powerfleet from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Finally, Raymond James cut their price objective on Powerfleet from $10.00 to $8.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Powerfleet has a consensus rating of "Buy" and a consensus price target of $11.25.

Powerfleet Stock Performance

Shares of AIOT stock traded up $0.03 during trading hours on Tuesday, reaching $5.97. 464,283 shares of the stock were exchanged, compared to its average volume of 1,502,674. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a 12-month low of $3.70 and a 12-month high of $8.71. The business's fifty day moving average is $5.28 and its two-hundred day moving average is $6.10.

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.