Raymond James Financial Inc. Purchases Shares of 710,335 Powerfleet, Inc. (NASDAQ:AIOT)

Raymond James Financial Inc. acquired a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 710,335 shares of the company's stock, valued at approximately $4,731,000. Raymond James Financial Inc. owned 0.54% of Powerfleet at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new position in Powerfleet during the 4th quarter valued at $9,042,000. Legal & General Group Plc purchased a new position in Powerfleet during the fourth quarter valued at approximately $58,000. Invesco Ltd. purchased a new stake in Powerfleet during the fourth quarter worth $4,160,000. Russell Investments Group Ltd. bought a new stake in Powerfleet during the 4th quarter valued at $6,734,000. Finally, Samjo Management LLC bought a new position in shares of Powerfleet in the 4th quarter worth $9,719,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

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

Powerfleet Price Performance

AIOT stock traded down $0.07 during trading on Wednesday, reaching $5.04. The company had a trading volume of 369,495 shares, compared to its average volume of 1,514,082. 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 twelve month low of $3.70 and a twelve month high of $8.71. The firm has a 50-day simple moving average of $5.59 and a 200-day simple moving average of $6.08.

Powerfleet (NASDAQ:AIOT - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.13). Equities research analysts forecast that Powerfleet, Inc. will post -0.32 earnings per share for the current year.

Powerfleet 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.