Ionic Capital Management LLC Raises Stock Position in PowerFleet, Inc. $AIOT

Ionic Capital Management LLC boosted its holdings in PowerFleet, Inc. (NASDAQ:AIOT) by 46.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 519,977 shares of the company’s stock after purchasing an additional 165,000 shares during the quarter. PowerFleet makes up 0.4% of Ionic Capital Management LLC’s portfolio, making the stock its 11th largest position. Ionic Capital Management LLC’s holdings in PowerFleet were worth $2,766,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Engineers Gate Manager LP purchased a new stake in PowerFleet in the 4th quarter worth $316,000. Boothbay Fund Management LLC purchased a new stake in PowerFleet in the 4th quarter worth $125,000. 325 Capital LLC increased its stake in PowerFleet by 5.2% in the 4th quarter. 325 Capital LLC now owns 3,837,410 shares of the company’s stock worth $20,415,000 after buying an additional 191,031 shares in the last quarter. 9823 Capital L.P. purchased a new stake in PowerFleet in the 4th quarter worth $181,000. Finally, Price T Rowe Associates Inc. MD increased its stake in PowerFleet by 9.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 72,259 shares of the company’s stock worth $385,000 after buying an additional 6,386 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Trading Down 1.2%

Shares of PowerFleet stock opened at $4.09 on Thursday. The firm has a market cap of $548.80 million, a price-to-earnings ratio of -25.56 and a beta of 1.43. The business has a 50-day moving average price of $3.49 and a 200-day moving average price of $4.11. The company has a quick ratio of 0.96, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. PowerFleet, Inc. has a twelve month low of $2.78 and a twelve month high of $5.88.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, June 15th. The company reported $0.04 earnings per share for the quarter. The firm had revenue of $114.49 million during the quarter, compared to analyst estimates of $112.98 million. PowerFleet had a negative return on equity of 1.33% and a negative net margin of 4.63%.During the same quarter last year, the business posted ($0.09) earnings per share. Equities research analysts anticipate that PowerFleet, Inc. will post 0.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Raymond James Financial cut their price target on PowerFleet from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Tuesday. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings lowered PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday. Finally, UBS Group set a $7.00 price target on PowerFleet in a research note on Tuesday. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $9.67.

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.