Powerfleet (NASDAQ:AIOT) Shares Gap Up – Here’s What Happened

Powerfleet, Inc. (NASDAQ:AIOT) shares gapped up prior to trading on Monday . The stock had previously closed at $4.45, but opened at $4.85. Powerfleet shares last traded at $4.74, with a volume of 1,042,776 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Barrington Research restated an “outperform” rating and set a $15.00 price objective on shares of Powerfleet in a report on Friday. Lake Street Capital set a $8.00 target price on shares of Powerfleet and gave the stock a “buy” rating in a research report on Tuesday, May 27th. Finally, Raymond James reduced their price target on shares of Powerfleet from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $10.50.

Powerfleet Stock Up 11.8%

The stock’s fifty day moving average is $5.02 and its two-hundred day moving average is $5.93. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Institutional Trading of Powerfleet

Several institutional investors have recently made changes to their positions in AIOT. Rhumbline Advisers acquired a new stake in Powerfleet in the fourth quarter valued at approximately $915,000. Bfsg LLC bought a new stake in Powerfleet in the fourth quarter worth $178,000. Rice Hall James & Associates LLC bought a new stake in Powerfleet in the fourth quarter worth $2,706,000. New York State Common Retirement Fund bought a new position in Powerfleet during the fourth quarter valued at about $113,000. Finally, Private Advisor Group LLC acquired a new stake in shares of Powerfleet in the fourth quarter worth about $68,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Powerfleet Company Profile

PowerFleet, Inc engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets.