CenterBook Partners LP Lowers Stake in PowerFleet, Inc. $AIOT

CenterBook Partners LP lowered its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 10.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 3,619,257 shares of the company’s stock after selling 421,311 shares during the period. PowerFleet accounts for approximately 0.9% of CenterBook Partners LP’s portfolio, making the stock its 17th biggest holding. CenterBook Partners LP’s holdings in PowerFleet were worth $18,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Royal Bank of Canada lifted its holdings in shares of PowerFleet by 198.0% during the first quarter. Royal Bank of Canada now owns 91,365 shares of the company’s stock valued at $501,000 after purchasing an additional 60,705 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in PowerFleet by 275.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company’s stock valued at $1,116,000 after buying an additional 149,116 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in PowerFleet during the first quarter valued at $251,000. Goldman Sachs Group Inc. boosted its holdings in PowerFleet by 15.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock worth $5,739,000 after acquiring an additional 138,856 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of PowerFleet in the first quarter worth $3,670,000. Institutional investors own 73.40% of the company’s stock.

PowerFleet Trading Down 2.6%

NASDAQ:AIOT opened at $3.79 on Wednesday. The company has a market cap of $508.42 million, a PE ratio of -16.48 and a beta of 1.33. The company has a current ratio of 1.09, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. The company has a 50 day simple moving average of $5.15 and a two-hundred day simple moving average of $5.00. PowerFleet, Inc. has a 12 month low of $3.59 and a 12 month high of $8.26.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, February 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). PowerFleet had a negative return on equity of 5.23% and a negative net margin of 7.00%.The firm had revenue of $113.49 million during the quarter, compared to the consensus estimate of $111.69 million. Research analysts forecast that PowerFleet, Inc. will post -0.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AIOT shares. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 price target on shares of PowerFleet in a research report on Friday, February 6th. Weiss Ratings upgraded shares of PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Tuesday, February 10th. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, December 13th. Finally, William Blair reiterated an “outperform” rating on shares of PowerFleet in a report on Tuesday, November 11th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $10.33.

PowerFleet Company Profile

PowerFleet, Inc (NASDAQ: AIOT) develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company’s systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company’s hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.