Bandera Partners LLC Purchases 500,000 Shares of PowerFleet, Inc. $AIOT

Bandera Partners LLC increased its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 26.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,381,666 shares of the company’s stock after buying an additional 500,000 shares during the period. PowerFleet accounts for about 3.3% of Bandera Partners LLC’s investment portfolio, making the stock its 11th biggest holding. Bandera Partners LLC’s holdings in PowerFleet were worth $7,336,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of AIOT. Royal Bank of Canada boosted its stake in PowerFleet by 198.0% in the first quarter. Royal Bank of Canada now owns 91,365 shares of the company’s stock valued at $501,000 after acquiring an additional 60,705 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of PowerFleet by 275.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company’s stock valued at $1,116,000 after acquiring an additional 149,116 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of PowerFleet in the 1st quarter valued at $251,000. Goldman Sachs Group Inc. lifted its stake in shares of PowerFleet by 15.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock valued at $5,739,000 after purchasing an additional 138,856 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of PowerFleet in the 1st quarter worth $3,670,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

PowerFleet Stock Performance

AIOT stock opened at $3.79 on Friday. The business’s 50-day moving average price is $3.93 and its two-hundred day moving average price is $3.90. 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 firm has a market cap of $508.55 million, a PE ratio of -23.69 and a beta of 1.42. PowerFleet, Inc. has a 1-year low of $2.78 and a 1-year high of $5.88.

PowerFleet declared that its board has authorized a stock buyback plan on Tuesday, June 30th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. UBS Group set a $7.00 price objective on PowerFleet in a research note on Tuesday, June 16th. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Finally, Raymond James Financial lowered their price target on PowerFleet from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Tuesday, June 16th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, PowerFleet has an average rating of “Hold” and a consensus 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.