Royce & Associates LP Has $22.59 Million Position in PowerFleet, Inc. $AIOT

Royce & Associates LP increased its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 10.4% in the third quarter, Holdings Channel.com reports. The firm owned 4,311,875 shares of the company’s stock after buying an additional 404,540 shares during the quarter. Royce & Associates LP’s holdings in PowerFleet were worth $22,594,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AIOT. State of Alaska Department of Revenue bought a new stake in shares of PowerFleet during the third quarter worth $31,000. CWM LLC grew its position in PowerFleet by 784.9% during the 3rd quarter. CWM LLC now owns 6,203 shares of the company’s stock worth $33,000 after acquiring an additional 5,502 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in PowerFleet by 100.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock worth $51,000 after purchasing an additional 5,904 shares in the last quarter. Spire Wealth Management raised its position in PowerFleet by 39.6% in the second quarter. Spire Wealth Management now owns 12,750 shares of the company’s stock valued at $55,000 after purchasing an additional 3,620 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its position in PowerFleet by 43.2% in the second quarter. Ameritas Investment Partners Inc. now owns 12,692 shares of the company’s stock valued at $55,000 after purchasing an additional 3,826 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AIOT shares. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, December 13th. William Blair reiterated an “outperform” rating on shares of PowerFleet in a report on Tuesday, November 11th. Weiss Ratings upgraded shares of PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Tuesday, February 10th. Finally, Barrington Research reaffirmed an “outperform” rating and set a $15.00 price target on shares of PowerFleet in a research note on Friday, February 6th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.33.

PowerFleet Stock Performance

Shares of AIOT stock opened at $3.57 on Monday. The stock has a market capitalization of $478.90 million, a PE ratio of -15.52 and a beta of 1.33. The business’s 50 day simple moving average is $4.90 and its 200 day simple moving average is $4.98. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.09 and a quick ratio of 0.96. PowerFleet, Inc. has a one year low of $3.43 and a one year high of $7.14.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings results on Monday, February 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $113.49 million during 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%. As a group, research analysts forecast that PowerFleet, Inc. will post -0.32 earnings per share 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.