960,101 Shares in PowerFleet, Inc. $AIOT Purchased by Bastion Asset Management Inc.

Bastion Asset Management Inc. purchased a new stake in PowerFleet, Inc. (NASDAQ:AIOT) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 960,101 shares of the company’s stock, valued at approximately $4,776,000. PowerFleet comprises approximately 2.8% of Bastion Asset Management Inc.’s portfolio, making the stock its 13th biggest position. Bastion Asset Management Inc. owned 0.72% of PowerFleet as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Cardinal Point Capital Management ULC raised its holdings in shares of PowerFleet by 97.1% in the 3rd quarter. Cardinal Point Capital Management ULC now owns 60,500 shares of the company’s stock worth $317,000 after purchasing an additional 29,800 shares in the last quarter. First Dallas Securities Inc. boosted its holdings in PowerFleet by 13.0% during the third quarter. First Dallas Securities Inc. now owns 43,500 shares of the company’s stock worth $228,000 after buying an additional 5,000 shares in the last quarter. New York State Common Retirement Fund grew its position in PowerFleet by 134.9% in the third quarter. New York State Common Retirement Fund now owns 39,700 shares of the company’s stock worth $208,000 after buying an additional 22,800 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its holdings in shares of PowerFleet by 18.4% in the third quarter. Kornitzer Capital Management Inc. KS now owns 192,990 shares of the company’s stock valued at $1,011,000 after buying an additional 30,000 shares in the last quarter. Finally, Blackhawk Capital Partners LLC acquired a new stake in shares of PowerFleet during the 3rd quarter valued at $73,000. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AIOT shares. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, December 13th. Weiss Ratings upgraded PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Tuesday, February 10th. Barrington Research reissued an “outperform” rating and issued a $15.00 price target on shares of PowerFleet in a research note on Friday, February 6th. Finally, William Blair reaffirmed an “outperform” rating on shares of PowerFleet in a research note on Tuesday, November 11th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, PowerFleet currently has a consensus rating of “Moderate Buy” and an average target price of $10.33.

PowerFleet Stock Performance

Shares of PowerFleet stock opened at $3.89 on Monday. PowerFleet, Inc. has a 12 month low of $3.59 and a 12 month high of $8.26. The company has a quick ratio of 0.96, a current ratio of 1.09 and a debt-to-equity ratio of 0.48. The stock has a market cap of $521.84 million, a PE ratio of -16.91 and a beta of 1.33. The business has a fifty day simple moving average of $5.21 and a 200-day simple moving average of $5.00.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings data on Monday, February 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). PowerFleet had a negative return on equity of 5.23% and a negative net margin of 7.00%.The business had revenue of $113.49 million during the quarter, compared to analysts’ expectations of $111.69 million. On average, sell-side analysts anticipate that PowerFleet, Inc. will post -0.32 EPS for the current fiscal year.

About PowerFleet

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.