PowerFleet (NASDAQ:AIOT – Get Free Report) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday, Zacks reports.
AIOT has been the subject of several other reports. UBS Group set a $7.00 price target on shares of PowerFleet in a report on Tuesday, June 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a research note on Friday, September 11th. Northland Securities set a $7.00 target price on shares of PowerFleet in a research report on Tuesday, August 11th. Craig Hallum decreased their target price on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Finally, Wall Street Zen cut shares of PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.40.
View Our Latest Research Report on AIOT
PowerFleet Stock Down 1.1%
PowerFleet (NASDAQ:AIOT – Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. The business had revenue of $110.79 million during the quarter, compared to analysts’ expectations of $115.54 million. As a group, equities research analysts anticipate that PowerFleet will post 0.10 EPS for the current year.
PowerFleet announced that its Board of Directors has initiated a stock buyback plan on Tuesday, June 30th that permits the company to repurchase $30.00 million in shares. This buyback authorization permits the company to buy up to 6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
Institutional Investors Weigh In On PowerFleet
Large investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its position in PowerFleet by 76.9% during the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after acquiring an additional 4,883 shares during the last quarter. Krilogy Financial LLC boosted its holdings in PowerFleet by 18.0% during the third quarter. Krilogy Financial LLC now owns 32,904 shares of the company’s stock valued at $89,000 after acquiring an additional 5,027 shares during the period. Clarus Group Inc. grew its position in shares of PowerFleet by 26.7% in the first quarter. Clarus Group Inc. now owns 25,790 shares of the company’s stock valued at $79,000 after purchasing an additional 5,434 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its position in shares of PowerFleet by 60.3% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 18,115 shares of the company’s stock valued at $69,000 after purchasing an additional 6,816 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of PowerFleet in the second quarter valued at about $27,000. Institutional investors own 73.40% of the company’s stock.
About PowerFleet
Powerfleet, Inc (NASDAQ: AIOT) provides connected vehicle, asset and fleet-management solutions designed to help organizations improve safety, productivity, utilization and operational visibility. Its platform combines telematics hardware, software and data analytics to monitor vehicles, equipment and other mobile assets.
The company’s products and services include fleet tracking and management, driver-safety tools, video telematics, asset tracking, maintenance and utilization monitoring, and solutions for logistics and supply-chain operations.
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