Raymond James Has Lowered Expectations for Powerfleet (NASDAQ:AIOT) Stock Price

Powerfleet (NASDAQ:AIOT) had its target price lowered by stock analysts at Raymond James from $10.00 to $8.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Raymond James’ target price points to a potential upside of 58.73% from the stock’s previous close.

AIOT has been the subject of several other reports. Lake Street Capital lifted their price objective on shares of Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Northland Securities lifted their price target on Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, February 11th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 13th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $11.25.

Powerfleet Trading Down 1.4 %

Shares of NASDAQ AIOT opened at $5.04 on Tuesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21. The stock’s 50-day moving average is $5.54 and its two-hundred day moving average is $6.07. Powerfleet has a 1-year low of $3.70 and a 1-year high of $8.71.

Powerfleet (NASDAQ:AIOT) last released its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). Analysts anticipate that Powerfleet will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Powerfleet

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brown Advisory Inc. purchased a new position in shares of Powerfleet during the first quarter worth about $240,000. Bank of New York Mellon Corp grew its stake in Powerfleet by 8.8% during the 1st quarter. Bank of New York Mellon Corp now owns 268,639 shares of the company’s stock worth $1,475,000 after buying an additional 21,785 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in Powerfleet during the 1st quarter worth approximately $95,000. Lisanti Capital Growth LLC acquired a new position in Powerfleet during the first quarter worth approximately $2,260,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in Powerfleet in the first quarter valued at approximately $172,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.