Bard Associates Inc. Invests $1.03 Million in PowerFleet, Inc. $AIOT

Bard Associates Inc. purchased a new stake in PowerFleet, Inc. (NASDAQ:AIOT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 267,917 shares of the company’s stock, valued at approximately $1,026,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of PowerFleet during the second quarter worth about $27,000. Hurley Capital LLC acquired a new stake in PowerFleet during the 4th quarter worth $32,000. Royal Bank of Canada boosted its stake in PowerFleet by 76.9% during the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after purchasing an additional 4,883 shares during the period. Pinnacle Wealth Management Advisory Group LLC purchased a new position in PowerFleet during the 1st quarter worth $35,000. Finally, Kemnay Advisory Services Inc. purchased a new position in PowerFleet during the 4th quarter worth $48,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AIOT shares. Northland Securities set a $7.00 target price on shares of PowerFleet in a report on Tuesday, August 11th. Raymond James Financial cut PowerFleet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Craig Hallum reduced their price objective on PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Weiss Ratings downgraded PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Finally, UBS Group set a $7.00 target price on PowerFleet in a research note on Tuesday, June 16th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $7.40.

PowerFleet Stock Up 0.7%

Shares of NASDAQ AIOT opened at $3.04 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. PowerFleet, Inc. has a 52 week low of $2.78 and a 52 week high of $5.88. The firm has a 50-day moving average price of $3.88 and a 200 day moving average price of $3.63. The stock has a market capitalization of $408.06 million, a price-to-earnings ratio of -21.71 and a beta of 1.43.

PowerFleet (NASDAQ:AIOT) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%.The business had revenue of $110.79 million for the quarter, compared to analysts’ expectations of $115.54 million. Equities research analysts anticipate that PowerFleet, Inc. will post 0.1 EPS for the current fiscal year.

PowerFleet declared that its Board of Directors has initiated a share repurchase program on Tuesday, June 30th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to buy up to 6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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.