PowerFleet (NASDAQ:AIOT) Shares Down 9.6% – Here’s What Happened

PowerFleet, Inc. (NASDAQ:AIOT) traded down 9.6% during mid-day trading on Friday . The stock traded as low as $4.72 and last traded at $4.69. 1,599,812 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 1,879,611 shares. The stock had previously closed at $5.19.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Barrington Research reiterated an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a research report on Tuesday, September 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a research report on Wednesday. Zacks Research cut PowerFleet from a “hold” rating to a “strong sell” rating in a research report on Friday, August 15th. Finally, Wall Street Zen cut PowerFleet from a “hold” rating to a “sell” rating in a research report on Sunday. Five equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.50.

PowerFleet Price Performance

The company has a quick ratio of 0.92, a current ratio of 1.07 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $621.83 million, a PE ratio of -15.53 and a beta of 1.32. The company has a 50-day moving average of $4.83 and a 200 day moving average of $4.81.

Insider Buying and Selling at PowerFleet

In related news, Director Michael J. Mcconnell bought 10,000 shares of the company’s stock in a transaction on Monday, August 18th. The stock was bought at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the acquisition, the director directly owned 28,028 shares in the company, valued at $130,049.92. This represents a 55.47% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steven Mark Towe bought 23,157 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $4.42 per share, with a total value of $102,353.94. Following the completion of the acquisition, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. This 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.

Institutional Trading of PowerFleet

Several large investors have recently added to or reduced their stakes in the stock. Corebridge Financial Inc. grew its holdings in PowerFleet by 4.3% in the 1st quarter. Corebridge Financial Inc. now owns 49,009 shares of the company’s stock valued at $269,000 after buying an additional 2,036 shares in the last quarter. Inspire Investing LLC grew its position in PowerFleet by 4.0% in the 1st quarter. Inspire Investing LLC now owns 62,253 shares of the company’s stock valued at $342,000 after acquiring an additional 2,419 shares in the last quarter. Oppenheimer Asset Management Inc. grew 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 valued at $111,000 after acquiring an additional 2,594 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PowerFleet by 1.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company’s stock valued at $888,000 after acquiring an additional 2,871 shares in the last quarter. Finally, Spire Wealth Management grew its position in shares of PowerFleet by 39.6% during the second quarter. Spire Wealth Management now owns 12,750 shares of the company’s stock worth $55,000 after buying an additional 3,620 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.