Bastion Asset Management Inc. Takes $4.78 Million Position in PowerFleet, Inc. $AIOT

Bastion Asset Management Inc. purchased a new position in PowerFleet, Inc. (NASDAQ:AIOT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 960,101 shares of the company’s stock, valued at approximately $4,776,000. PowerFleet comprises 2.8% of Bastion Asset Management Inc.’s portfolio, making the stock its 13th biggest holding.

A number of other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in PowerFleet by 1.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company’s stock worth $888,000 after purchasing an additional 2,871 shares during the last quarter. Spire Wealth Management grew its stake in shares of PowerFleet by 39.6% in the 2nd quarter. Spire Wealth Management now owns 12,750 shares of the company’s stock valued at $55,000 after buying an additional 3,620 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in PowerFleet by 43.2% in the second quarter. Ameritas Investment Partners Inc. now owns 12,692 shares of the company’s stock worth $55,000 after buying an additional 3,826 shares during the last quarter. ProShare Advisors LLC raised its position in PowerFleet by 17.7% during the second quarter. ProShare Advisors LLC now owns 25,489 shares of the company’s stock valued at $110,000 after acquiring an additional 3,833 shares in the last quarter. Finally, First Dallas Securities Inc. lifted its stake in PowerFleet by 13.0% in the third quarter. First Dallas Securities Inc. now owns 43,500 shares of the company’s stock valued at $228,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AIOT. William Blair restated an “outperform” rating on shares of PowerFleet in a research note on Tuesday, November 11th. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 price target on shares of PowerFleet in a research report on Friday, February 6th. Finally, Weiss Ratings upgraded PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Tuesday, February 10th. Four 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.com, the company presently has an average rating of “Moderate Buy” and an average price target of $10.33.

PowerFleet Stock Performance

NASDAQ:AIOT opened at $3.89 on Monday. The firm has a market capitalization of $521.84 million, a PE ratio of -16.91 and a beta of 1.33. PowerFleet, Inc. has a 1 year low of $3.59 and a 1 year high of $8.26. The company has a current ratio of 1.09, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm’s fifty day simple moving average is $5.21 and its 200 day simple moving average is $5.00.

PowerFleet (NASDAQ:AIOT) last released its earnings results on Monday, February 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $113.49 million for the quarter, compared to analyst estimates of $111.69 million. PowerFleet had a negative return on equity of 5.23% and a negative net margin of 7.00%. On average, sell-side analysts anticipate that PowerFleet, Inc. will post -0.32 EPS for the current year.

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.