PowerFleet, Inc. $AIOT Shares Sold by CenterBook Partners LP

CenterBook Partners LP cut its holdings in PowerFleet, Inc. (NASDAQ:AIOT) by 12.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,162,940 shares of the company’s stock after selling 456,317 shares during the quarter. PowerFleet comprises approximately 0.8% of CenterBook Partners LP’s portfolio, making the stock its 21st largest holding. CenterBook Partners LP owned about 2.36% of PowerFleet worth $16,827,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Pinnacle Associates Ltd. increased its stake in PowerFleet by 635.7% in the third quarter. Pinnacle Associates Ltd. now owns 1,398,305 shares of the company’s stock valued at $7,327,000 after purchasing an additional 1,208,252 shares during the period. Private Management Group Inc. increased its stake in PowerFleet by 6.6% in the third quarter. Private Management Group Inc. now owns 5,208,278 shares of the company’s stock valued at $27,291,000 after purchasing an additional 324,127 shares during the period. Royce & Associates LP increased its stake in PowerFleet by 10.4% in the third quarter. Royce & Associates LP now owns 4,311,875 shares of the company’s stock valued at $22,594,000 after purchasing an additional 404,540 shares during the period. Bastion Asset Management Inc. acquired a new position in PowerFleet in the third quarter valued at $4,776,000. Finally, UBS Group AG increased its stake in PowerFleet by 275.1% in the fourth quarter. UBS Group AG now owns 585,774 shares of the company’s stock valued at $3,116,000 after purchasing an additional 429,609 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “hold (c-)” rating on shares of PowerFleet in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, PowerFleet presently has an average rating of “Moderate Buy” and a consensus price target of $15.00.

PowerFleet Price Performance

Shares of NASDAQ:AIOT opened at $3.84 on Monday. The company has a market cap of $515.12 million, a price-to-earnings ratio of -16.69 and a beta of 1.43. The firm’s 50-day simple moving average is $3.32 and its 200-day simple moving average is $4.14. The company has a quick ratio of 0.96, a current ratio of 1.09 and a debt-to-equity ratio of 0.48. PowerFleet, Inc. has a fifty-two week low of $2.78 and a fifty-two week high of $5.88.

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.