Brokerages Set PowerFleet, Inc. (NASDAQ:AIOT) Target Price at $10.50

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating on the company. The average 1 year target price among analysts that have covered the stock in the last year is $10.50.

Several research analysts recently weighed in on the stock. Zacks Research raised shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a report on Wednesday, October 8th. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. Barrington Research restated an “outperform” rating and issued a $15.00 price objective on shares of PowerFleet in a research report on Monday, January 5th. Finally, William Blair reaffirmed an “outperform” rating on shares of PowerFleet in a research note on Tuesday, November 11th.

PowerFleet Trading Down 1.2%

NASDAQ AIOT opened at $5.53 on Wednesday. The stock has a 50-day simple moving average of $5.13 and a 200 day simple moving average of $4.90. The company has a market capitalization of $740.02 million, a PE ratio of -17.84 and a beta of 1.34. The company has a current ratio of 1.07, a quick ratio of 0.93 and a debt-to-equity ratio of 0.49. PowerFleet has a 12 month low of $3.70 and a 12 month high of $8.71.

PowerFleet (NASDAQ:AIOT) last issued its earnings results on Monday, November 10th. The company reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. The firm had revenue of $111.68 million for the quarter, compared to analysts’ expectations of $105.51 million. PowerFleet had a negative return on equity of 9.00% and a negative net margin of 9.70%. Research analysts forecast that PowerFleet will post -0.32 EPS for the current year.

Institutional Investors Weigh In On PowerFleet

A number of hedge funds have recently modified their holdings of AIOT. Kopion Asset Management LLC lifted its stake in PowerFleet by 101.7% in the third quarter. Kopion Asset Management LLC now owns 1,553,700 shares of the company’s stock valued at $8,141,000 after buying an additional 783,501 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in shares of PowerFleet by 135.4% during the second quarter. Dynamic Technology Lab Private Ltd now owns 107,776 shares of the company’s stock worth $465,000 after acquiring an additional 61,992 shares in the last quarter. Private Management Group Inc. raised its holdings in shares of PowerFleet by 29.3% during the second quarter. Private Management Group Inc. now owns 4,884,151 shares of the company’s stock worth $21,051,000 after acquiring an additional 1,105,673 shares during the period. Geode Capital Management LLC raised its holdings in shares of PowerFleet by 13.3% during the second quarter. Geode Capital Management LLC now owns 2,932,054 shares of the company’s stock worth $12,639,000 after acquiring an additional 343,580 shares during the period. Finally, Corebridge Financial Inc. lifted its position in PowerFleet by 4.3% in the 1st quarter. Corebridge Financial Inc. now owns 49,009 shares of the company’s stock valued at $269,000 after acquiring an additional 2,036 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.