PowerFleet (NASDAQ:AIOT) Stock Price Up 9.8% – Should You Buy?

PowerFleet, Inc. (NASDAQ:AIOT)’s share price shot up 9.8% on Friday . The stock 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 Ratings Changes

AIOT has been the topic of a number of analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of PowerFleet in a research report on Friday, May 8th. Barrington Research reissued an “outperform” rating and issued a $15.00 price objective on shares of PowerFleet in a report on Friday, February 6th. Finally, Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, PowerFleet currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

PowerFleet Trading Up 8.4%

The firm has a market cap of $525.20 million, a price-to-earnings ratio of -17.02 and a beta of 1.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.09. The company has a 50 day moving average price of $3.20 and a 200 day moving average price of $4.18.

Institutional Trading of PowerFleet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its stake in shares of 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 buying an additional 60,705 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in PowerFleet by 275.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company’s stock worth $1,116,000 after purchasing an additional 149,116 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of PowerFleet during the first quarter worth about $251,000. Goldman Sachs Group Inc. lifted its position in shares of PowerFleet by 15.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock worth $5,739,000 after purchasing an additional 138,856 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in shares of PowerFleet in the first quarter valued at approximately $3,670,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.