Potomac Capital Management Inc. Buys New Stake in PowerFleet, Inc. $AIOT

Potomac Capital Management Inc. bought a new stake in PowerFleet, Inc. (NASDAQ:AIOT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 206,000 shares of the company’s stock, valued at approximately $1,096,000. PowerFleet accounts for about 0.9% of Potomac Capital Management Inc.’s portfolio, making the stock its 27th biggest position. Potomac Capital Management Inc. owned 0.15% of PowerFleet at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AIOT. BNP Paribas Financial Markets increased its stake in PowerFleet by 100.9% in the second quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock valued at $51,000 after acquiring an additional 5,904 shares during the period. MGO One Seven LLC acquired a new position in PowerFleet in the fourth quarter valued at about $55,000. Krilogy Financial LLC acquired a new position in PowerFleet in the fourth quarter valued at about $58,000. R Squared Ltd acquired a new position in PowerFleet in the third quarter valued at about $60,000. Finally, Prudential Financial Inc. acquired a new position in PowerFleet in the second quarter valued at about $65,000. Institutional investors own 73.40% of the company’s stock.

PowerFleet Price Performance

NASDAQ:AIOT opened at $3.91 on Wednesday. The firm has a market cap of $524.53 million, a PE ratio of -17.00 and a beta of 1.43. PowerFleet, Inc. has a 12 month low of $2.78 and a 12 month high of $5.88. 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 company’s 50-day moving average price is $3.36 and its two-hundred day moving average price is $4.13.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “hold (c-)” rating on shares of PowerFleet in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, PowerFleet has an average rating of “Moderate Buy” and a consensus price target of $15.00.

About PowerFleet

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.