Connors Investor Services Inc. Has $203,000 Holdings in PowerFleet, Inc. $AIOT

Connors Investor Services Inc. grew its position in PowerFleet, Inc. (NASDAQ:AIOT) by 42.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 47,000 shares of the company’s stock after acquiring an additional 14,000 shares during the quarter. Connors Investor Services Inc.’s holdings in PowerFleet were worth $203,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC acquired a new position in PowerFleet in the 1st quarter worth about $46,000. Virtu Financial LLC acquired a new position in PowerFleet in the 1st quarter worth about $62,000. Landscape Capital Management L.L.C. acquired a new position in PowerFleet in the 1st quarter worth about $78,000. Teacher Retirement System of Texas acquired a new position in PowerFleet in the 1st quarter worth about $95,000. Finally, Oppenheimer Asset Management Inc. increased its position in PowerFleet by 14.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company’s stock worth $111,000 after purchasing an additional 2,594 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at PowerFleet

In other PowerFleet news, Director Michael J. Mcconnell bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average price of $4.64 per share, for a total transaction of $46,400.00. Following the purchase, the director directly owned 28,028 shares in the company, valued at $130,049.92. This trade represents a 55.47% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven Mark Towe bought 23,157 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $4.42 per share, with a total value of $102,353.94. Following the purchase, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. 6.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AIOT has been the topic of several research reports. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a research report on Tuesday, September 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a report on Wednesday, October 8th. Wall Street Zen lowered PowerFleet from a “hold” rating to a “sell” rating in a report on Sunday, October 12th. Finally, Zacks Research raised PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.50.

PowerFleet Stock Performance

Shares of NASDAQ AIOT opened at $5.14 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. The firm has a market cap of $685.88 million, a price-to-earnings ratio of -17.13 and a beta of 1.32. The business’s 50-day simple moving average is $5.03 and its 200-day simple moving average is $4.82. PowerFleet, Inc. has a 52 week low of $3.70 and a 52 week high of $8.71.

About PowerFleet

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.