Bastion Asset Management Inc. Increases Stake in PowerFleet, Inc. $AIOT

Bastion Asset Management Inc. increased its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 13.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,943,380 shares of the company’s stock after acquiring an additional 230,497 shares during the period. PowerFleet makes up 1.8% of Bastion Asset Management Inc.’s investment portfolio, making the stock its 23rd largest position. Bastion Asset Management Inc. owned about 1.45% of PowerFleet worth $5,986,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of AIOT. Hurley Capital LLC purchased a new stake in shares of PowerFleet during the 4th quarter valued at $32,000. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in PowerFleet during the first quarter worth about $35,000. Kemnay Advisory Services Inc. purchased a new position in shares of PowerFleet in the 4th quarter worth about $48,000. BNP Paribas Financial Markets raised its holdings in shares of PowerFleet by 100.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock worth $51,000 after purchasing an additional 5,904 shares during the period. Finally, MGO One Seven LLC acquired a new position in shares of PowerFleet in the 4th quarter valued at about $55,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

PowerFleet Price Performance

AIOT opened at $4.22 on Friday. PowerFleet, Inc. has a twelve month low of $2.78 and a twelve month high of $5.88. The firm has a market cap of $566.24 million, a price-to-earnings ratio of -26.37 and a beta of 1.42. The company has a current ratio of 1.13, a quick ratio of 0.99 and a debt-to-equity ratio of 0.48. The company has a fifty day simple moving average of $3.85 and a 200 day simple moving average of $3.94.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, June 15th. The company reported $0.04 EPS for the quarter. PowerFleet had a negative net margin of 4.63% and a negative return on equity of 1.33%. The firm had revenue of $114.49 million for the quarter, compared to analyst estimates of $112.98 million. During the same quarter in the previous year, the business posted ($0.09) EPS. Equities research analysts expect that PowerFleet, Inc. will post 0.17 EPS for the current fiscal year.

PowerFleet announced that its Board of Directors has authorized a stock buyback plan on Tuesday, June 30th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently commented on AIOT. Raymond James Financial cut their price target on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Finally, UBS Group set a $7.00 target price on shares of PowerFleet in a report on Tuesday, June 16th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, PowerFleet currently has an average rating of “Hold” and an average target price of $9.67.

PowerFleet 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.