PowerFleet, Inc. $AIOT Shares Acquired by 1492 Capital Management LLC

1492 Capital Management LLC increased its position in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 15.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,240,067 shares of the company’s stock after purchasing an additional 169,896 shares during the quarter. PowerFleet accounts for approximately 2.5% of 1492 Capital Management LLC’s investment portfolio, making the stock its 8th largest holding. 1492 Capital Management LLC owned 0.93% of PowerFleet worth $6,597,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of AIOT. Wasatch Advisors LP purchased a new position in PowerFleet during the second quarter valued at approximately $6,426,000. Pinnacle Associates Ltd. raised its position in PowerFleet by 635.7% during the third quarter. Pinnacle Associates Ltd. now owns 1,398,305 shares of the company’s stock valued at $7,327,000 after acquiring an additional 1,208,252 shares in the last quarter. Bastion Asset Management Inc. purchased a new position in PowerFleet during the third quarter valued at approximately $4,776,000. Goldman Sachs Group Inc. raised its position in PowerFleet by 271.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,169,710 shares of the company’s stock valued at $6,223,000 after acquiring an additional 854,444 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in PowerFleet during the first quarter valued at approximately $3,670,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

PowerFleet Stock Performance

NASDAQ AIOT opened at $3.81 on Thursday. The stock’s fifty day moving average is $3.28 and its two-hundred day moving average is $4.15. The firm has a market capitalization of $511.11 million, a P/E ratio of -16.56 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.09. PowerFleet, Inc. has a fifty-two week low of $2.78 and a fifty-two week high of $5.88.

Analyst Upgrades and Downgrades

AIOT has been the subject of several research reports. Barrington Research reiterated an “outperform” rating and set a $15.00 price target on shares of PowerFleet in a research report on Friday, February 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of PowerFleet in a research report on Friday, May 8th. Finally, Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, PowerFleet currently has an average rating of “Moderate Buy” and an average price target of $15.00.

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.