PowerFleet, Inc. (NASDAQ:AIOT) Stock Rated “Hold” by Sell-Side Brokerages

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have been assigned a consensus recommendation of “Hold” from the six brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $7.40.

AIOT has been the subject of several research reports. Craig Hallum cut their price target on PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Wall Street Zen cut shares of PowerFleet from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday, October 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a research report on Friday, September 11th. Finally, Barrington Research set a $10.00 price objective on shares of PowerFleet in a research report on Monday, August 10th.

PowerFleet Price Performance

NASDAQ:AIOT opened at $2.60 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average price is $2.85 and its two-hundred day moving average price is $3.61. The firm has a market capitalization of $349.00 million, a price-to-earnings ratio of 133.00 and a beta of 1.40. PowerFleet has a 12-month low of $2.29 and a 12-month high of $5.88.

PowerFleet (NASDAQ:AIOT) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $110.79 million during the quarter, compared to analysts’ expectations of $115.54 million. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. On average, analysts anticipate that PowerFleet will post 0.10 earnings per share for the current year.

PowerFleet announced that its Board of Directors has approved a stock repurchase program on Tuesday, June 30th that authorizes the company to repurchase $30 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6% of its stock through open market purchases. Share buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in PowerFleet during the second quarter worth approximately $39,489,000. Private Management Group Inc. grew its position in shares of PowerFleet by 4.0% in the second quarter. Private Management Group Inc. now owns 5,731,137 shares of the company’s stock valued at $21,950,000 after purchasing an additional 218,615 shares during the last quarter. AWM Investment Company Inc. bought a new position in shares of PowerFleet during the second quarter worth approximately $14,709,000. Dimensional Fund Advisors LP increased its stake in shares of PowerFleet by 20.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company’s stock worth $12,718,000 after purchasing an additional 698,112 shares during the period. Finally, Pinnacle Associates Ltd. increased its stake in shares of PowerFleet by 7.4% during the third quarter. Pinnacle Associates Ltd. now owns 4,280,983 shares of the company’s stock worth $12,158,000 after purchasing an additional 296,249 shares during the period. 73.40% of the stock is owned by institutional investors.

PowerFleet Company Profile

Powerfleet, Inc provides connected-vehicle and asset-management solutions designed to help organizations monitor, manage and optimize mobile assets. Its platform combines Internet of Things (IoT) connectivity, telematics, location tracking and analytics to deliver visibility into vehicles, equipment, cargo and other assets.

The company’s products and services support fleet management, driver safety, vehicle and equipment utilization, maintenance, logistics and supply-chain operations. Powerfleet serves a range of industries, including transportation, logistics, commercial fleets, rental and leasing, construction, manufacturing and other organizations that rely on mobile assets.

Powerfleet has expanded its capabilities through acquisitions and business combinations, including its 2019 acquisition of Pointer Telocation and its 2024 combination with MiX Telematics.