PowerFleet (NASDAQ:AIOT) Announces Earnings Results

PowerFleet (NASDAQ:AIOT) announced its earnings results on Monday. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02), Zacks reports. PowerFleet had a negative net margin of 9.70% and a negative return on equity of 9.00%.

PowerFleet Stock Performance

AIOT stock opened at $4.84 on Monday. PowerFleet has a 1-year low of $3.70 and a 1-year high of $8.71. The business has a 50-day moving average price of $5.30 and a 200 day moving average price of $5.02. The company has a market capitalization of $647.69 million, a P/E ratio of -15.61 and a beta of 1.33. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.07 and a quick ratio of 0.93.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its holdings in PowerFleet by 100.9% in the second 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 in the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of PowerFleet in the 3rd quarter worth approximately $69,000. Prudential Financial Inc. bought a new position in shares of PowerFleet during the 2nd quarter worth approximately $65,000. Jump Financial LLC purchased a new stake in PowerFleet during the second quarter valued at approximately $79,000. Finally, Oxford Asset Management LLP purchased a new stake in PowerFleet during the second quarter valued at approximately $81,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AIOT has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a research report on Wednesday, January 21st. Barrington Research reaffirmed an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a research note on Friday. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, December 13th. Zacks Research raised PowerFleet from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of PowerFleet in a research report on Tuesday, November 11th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.50.

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.