PowerFleet, Inc. (NASDAQ:AIOT) Receives $10.50 Average Target Price from Brokerages

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have earned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $10.50.

A number of analysts recently issued reports on AIOT shares. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings restated a “sell (d-)” rating on shares of PowerFleet in a research report on Saturday, September 27th. Zacks Research lowered shares of PowerFleet from a “hold” rating to a “strong sell” rating in a research note on Friday, August 15th. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 price target on shares of PowerFleet in a research note on Tuesday, September 23rd.

PowerFleet Trading Down 3.0%

Shares of PowerFleet stock opened at $5.09 on Monday. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. PowerFleet has a 12-month low of $3.70 and a 12-month high of $8.71. The firm has a market capitalization of $679.21 million, a price-to-earnings ratio of -16.97 and a beta of 1.32. The firm’s 50 day simple moving average is $4.73 and its two-hundred day simple moving average is $4.84.

Insiders Place Their Bets

In other PowerFleet news, Director Michael J. Mcconnell acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the transaction, the director directly owned 28,028 shares of the company’s stock, valued at approximately $130,049.92. This represents a 55.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven Mark Towe bought 23,157 shares of PowerFleet stock in a transaction on Thursday, August 14th. The stock was purchased at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the acquisition, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. This represents a 0.95% increase in their position. The disclosure for this purchase can be found here. Company insiders own 6.30% of the company’s stock.

Institutional Trading of PowerFleet

Several large investors have recently bought and sold shares of AIOT. NBC Securities Inc. acquired a new position in PowerFleet in the first quarter worth $36,000. California State Teachers Retirement System bought a new stake in PowerFleet in the fourth quarter worth about $46,000. GAMMA Investing LLC acquired a new stake in PowerFleet during the 1st quarter worth about $46,000. BNP Paribas Financial Markets increased its holdings in shares of PowerFleet by 100.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock valued at $51,000 after purchasing an additional 5,904 shares during the period. Finally, Spire Wealth Management increased its holdings in PowerFleet by 39.6% in the second quarter. Spire Wealth Management now owns 12,750 shares of the company’s stock worth $55,000 after buying an additional 3,620 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.