PowerFleet (NASDAQ:AIOT) Trading 9.8% Higher – Here’s What Happened

PowerFleet, Inc. (NASDAQ:AIOT)’s stock price traded up 9.8% during trading on Friday . The company traded as high as $3.95 and last traded at $3.9650. 1,299,873 shares changed hands during trading, a decline of 14% from the average session volume of 1,516,497 shares. The stock had previously closed at $3.61.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Barrington Research restated an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a research report on Friday, February 6th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of PowerFleet in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

PowerFleet Price Performance

The stock has a market capitalization of $524.53 million, a PE ratio of -17.00 and a beta of 1.38. The stock’s 50 day moving average is $3.22 and its two-hundred day moving average is $4.18. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.09.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Private Capital Management LLC lifted its stake in PowerFleet by 3.1% in the 4th quarter. Private Capital Management LLC now owns 7,584,853 shares of the company’s stock worth $40,351,000 after purchasing an additional 230,780 shares in the last quarter. Voss Capital LP lifted its stake in PowerFleet by 4.3% in the 3rd quarter. Voss Capital LP now owns 5,800,000 shares of the company’s stock worth $30,392,000 after purchasing an additional 240,509 shares in the last quarter. Private Management Group Inc. lifted its stake in PowerFleet by 1.1% in the 4th quarter. Private Management Group Inc. now owns 5,264,812 shares of the company’s stock worth $28,009,000 after purchasing an additional 56,534 shares in the last quarter. Royce & Associates LP lifted its stake in PowerFleet by 3.7% in the 4th quarter. Royce & Associates LP now owns 4,471,131 shares of the company’s stock worth $23,786,000 after purchasing an additional 159,256 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in PowerFleet by 20.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company’s stock worth $12,718,000 after purchasing an additional 698,112 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.