PowerFleet (NASDAQ:AIOT) Trading 10.1% Higher – Here’s Why

PowerFleet, Inc. (NASDAQ:AIOT) shares traded up 10.1% on Thursday . The stock traded as high as $4.20 and last traded at $4.1950. 958,257 shares traded hands during trading, a decline of 38% from the average session volume of 1,545,506 shares. The stock had previously closed at $3.81.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PowerFleet in a research note on Friday, May 8th. Barrington Research reissued an “outperform” rating and set a $15.00 price objective on shares of PowerFleet in a research report on Friday, February 6th. Finally, Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a research report 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $15.00.

PowerFleet Stock Performance

The firm has a market capitalization of $558.73 million, a price-to-earnings ratio of -18.11 and a beta of 1.43. The company has a quick ratio of 0.96, a current ratio of 1.09 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average price of $3.28 and a 200 day moving average price of $4.15.

Institutional Trading of PowerFleet

A number of institutional investors have recently bought and sold shares of AIOT. Wasatch Advisors LP purchased a new stake in PowerFleet during the 2nd quarter worth about $6,426,000. Kennedy Capital Management LLC lifted its holdings in PowerFleet by 292.3% during the 4th quarter. Kennedy Capital Management LLC now owns 1,970,918 shares of the company’s stock worth $10,485,000 after buying an additional 1,468,573 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in PowerFleet by 1,644.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,530,725 shares of the company’s stock worth $4,715,000 after buying an additional 1,442,989 shares during the last quarter. Pinnacle Associates Ltd. lifted its holdings in PowerFleet by 635.7% during the 3rd quarter. Pinnacle Associates Ltd. now owns 1,398,305 shares of the company’s stock worth $7,327,000 after buying an additional 1,208,252 shares during the last quarter. Finally, Nuveen LLC lifted its holdings in PowerFleet by 44.7% during the 4th quarter. Nuveen LLC now owns 3,312,956 shares of the company’s stock worth $17,625,000 after buying an additional 1,023,077 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.