PowerFleet (NASDAQ:AIOT) Shares Gap Up – Still a Buy?

PowerFleet, Inc. (NASDAQ:AIOT)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $3.83, but opened at $4.06. PowerFleet shares last traded at $4.4040, with a volume of 487,400 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on AIOT shares. UBS Group set a $7.00 price target on shares of PowerFleet in a report on Tuesday, June 16th. Raymond James Financial dropped their price objective on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Tuesday, June 16th. Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Finally, Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $9.67.

PowerFleet Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.99. The company has a 50 day simple moving average of $3.64 and a 200-day simple moving average of $4.01. The firm has a market cap of $586.37 million, a PE ratio of -27.31 and a beta of 1.42.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings data on Monday, June 15th. The company reported $0.04 earnings per share for the quarter. PowerFleet had a negative net margin of 4.63% and a negative return on equity of 1.33%. The firm had revenue of $114.49 million during the quarter, compared to analyst estimates of $112.98 million. During the same period in the previous year, the business posted ($0.09) EPS. As a group, equities research analysts anticipate that PowerFleet, Inc. will post 0.17 EPS for the current year.

PowerFleet declared that its Board of Directors has approved a share repurchase program on Tuesday, June 30th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of PowerFleet

Several institutional investors have recently added to or reduced their stakes in AIOT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PowerFleet by 1.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company’s stock worth $888,000 after purchasing an additional 2,871 shares during the last quarter. Connors Investor Services Inc. raised its position in PowerFleet by 5.7% during the 4th quarter. Connors Investor Services Inc. now owns 56,000 shares of the company’s stock valued at $298,000 after purchasing an additional 3,000 shares during the last quarter. R Squared Ltd lifted its holdings in PowerFleet by 40.6% in the 4th quarter. R Squared Ltd now owns 16,073 shares of the company’s stock worth $86,000 after buying an additional 4,640 shares during the period. Royal Bank of Canada grew its position in shares of PowerFleet by 76.9% in the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after buying an additional 4,883 shares during the last quarter. Finally, Clarus Group Inc. grew its position in shares of PowerFleet by 26.7% in the 1st quarter. Clarus Group Inc. now owns 25,790 shares of the company’s stock worth $79,000 after buying an additional 5,434 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.