Weiss Ratings Reiterates Sell (D-) Rating for PowerFleet (NASDAQ:AIOT)

Key Points

• Weiss Ratings has reiterated a "Sell (D-)" rating for PowerFleet (NASDAQ: AIOT), indicating a negative outlook on the stock.
• In contrast, several other analysts have upgraded or reaffirmed ratings, with Barrington Research setting a target price of $15.00 and Wall Street Zen upgrading to a "Hold" rating.
• PowerFleet's stock is currently trading at $5.20, a decline of 2.1%, with a market capitalization of approximately $693.89 million.

PowerFleet (NASDAQ:AIOT - Get Free Report)'s stock had its "sell (d-)" rating restated by equities researchers at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other research analysts have also recently issued reports about the stock. Wall Street Zen upgraded shares of PowerFleet from a "sell" rating to a "hold" rating in a report on Saturday. Barrington Research reaffirmed an "outperform" rating and set a $15.00 target price on shares of PowerFleet in a research report on Tuesday, September 23rd. Finally, Zacks Research lowered PowerFleet from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Five research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, PowerFleet currently has an average rating of "Hold" and a consensus target price of $10.50.

PowerFleet Trading Down 2.1%

Shares of AIOT stock traded down $0.11 on Wednesday, reaching $5.20. 1,093,559 shares of the company's stock were exchanged, compared to its average volume of 1,886,967. The company's fifty day simple moving average is $4.77 and its 200 day simple moving average is $4.84. PowerFleet has a 52 week low of $3.70 and a 52 week high of $8.71. 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 stock has a market capitalization of $693.89 million, a PE ratio of -17.33 and a beta of 1.32.

Insider Buying and Selling at PowerFleet

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

Institutional Trading of PowerFleet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NBC Securities Inc. acquired a new stake in shares of PowerFleet during the 1st quarter worth about $36,000. GAMMA Investing LLC acquired a new position in PowerFleet in the 1st quarter valued at $46,000. California State Teachers Retirement System purchased a new position in shares of PowerFleet during the 4th quarter worth $46,000. BNP Paribas Financial Markets boosted its holdings 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 worth $51,000 after purchasing an additional 5,904 shares during the last quarter. Finally, Spire Wealth Management grew its position in shares of PowerFleet by 39.6% in the second 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 period. Hedge funds and other institutional investors own 73.40% of the company's stock.

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.

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