PowerFleet (NASDAQ:AIOT) Shares Gap Down – What’s Next?

PowerFleet, Inc. (NASDAQ:AIOT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $4.98, but opened at $4.80. PowerFleet shares last traded at $4.89, with a volume of 192,041 shares.

Analysts Set New Price Targets

Several research firms have recently commented on AIOT. Raymond James Financial reduced their price target on shares of PowerFleet from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Barrington Research reiterated an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a research report on Friday, June 13th. Finally, Lake Street Capital set a $8.00 price objective on PowerFleet and gave the company a “buy” rating in a research note on Tuesday, May 27th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $10.50.

PowerFleet Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.21 and a quick ratio of 1.02. The stock has a market capitalization of $626.77 million, a price-to-earnings ratio of -11.00 and a beta of 1.35. The stock has a 50 day moving average price of $5.01 and a 200-day moving average price of $5.90.

Institutional Investors Weigh In On PowerFleet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Corebridge Financial Inc. raised its position in PowerFleet by 4.3% in the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company’s stock valued at $269,000 after purchasing an additional 2,036 shares during the period. Inspire Investing LLC lifted its stake in PowerFleet by 4.0% during the 1st quarter. Inspire Investing LLC now owns 62,253 shares of the company’s stock worth $342,000 after acquiring an additional 2,419 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in PowerFleet by 14.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company’s stock valued at $111,000 after acquiring an additional 2,594 shares during the period. Signaturefd LLC acquired a new position in PowerFleet in the 4th quarter valued at about $25,000. Finally, Comerica Bank acquired a new position in PowerFleet in the 4th quarter valued at about $42,000. 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.