PowerFleet (NASDAQ:AIOT) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of PowerFleet (NASDAQ:AIOT) from a hold rating to a sell rating in a report issued on Saturday morning.

A number of other equities analysts also recently weighed in on the stock. Northland Securities set a $7.00 target price on shares of PowerFleet in a research note on Tuesday, August 11th. Weiss Ratings cut shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. Craig Hallum decreased their price target on PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Raymond James Financial lowered PowerFleet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Finally, Barrington Research set a $10.00 price objective on PowerFleet in a research note on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.40.

PowerFleet Price Performance

Shares of AIOT opened at $2.88 on Friday. The business has a 50-day moving average of $3.96 and a 200-day moving average of $3.68. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.10 and a quick ratio of 0.96. The company has a market capitalization of $386.58 million, a price-to-earnings ratio of -20.57 and a beta of 1.43. PowerFleet has a 1 year low of $2.78 and a 1 year high of $5.88.

PowerFleet (NASDAQ:AIOT) last announced its earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%.The business had revenue of $110.79 million for the quarter, compared to analysts’ expectations of $115.54 million. As a group, equities research analysts anticipate that PowerFleet will post 0.09 earnings per share for the current year.

PowerFleet announced that its Board of Directors has approved a share buyback plan on Tuesday, June 30th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Bank of America Corp DE bought a new stake in shares of PowerFleet during the second quarter worth about $2,015,000. Man Group plc bought a new stake in PowerFleet during the 2nd quarter worth approximately $373,000. AWM Investment Company Inc. bought a new stake in PowerFleet during the 2nd quarter worth approximately $14,709,000. Hsbc Holdings PLC purchased a new stake in shares of PowerFleet in the second quarter worth approximately $380,000. Finally, Ancora Advisors LLC purchased a new stake in shares of PowerFleet in the second quarter worth approximately $1,642,000. 73.40% of the stock is owned by 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.