PowerFleet’s (AIOT) Outperform Rating Reiterated at Barrington Research

PowerFleet (NASDAQ:AIOT)‘s stock had its “outperform” rating reiterated by Barrington Research in a research note issued on Friday,Benzinga reports. They currently have a $15.00 price objective on the stock. Barrington Research’s target price would indicate a potential upside of 213.81% from the company’s previous close.

A number of other equities research analysts have also recently commented on the company. Wall Street Zen cut PowerFleet from a “hold” rating to a “sell” rating in a report on Sunday, November 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a research report on Wednesday, October 8th. Finally, Zacks Research raised PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.50.

PowerFleet Stock Performance

Shares of AIOT stock opened at $4.78 on Friday. The stock has a fifty day moving average price of $5.15 and a 200 day moving average price of $4.85. 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 stock has a market cap of $637.86 million, a PE ratio of -15.93 and a beta of 1.35. PowerFleet has a 1 year low of $3.70 and a 1 year high of $8.71.

Insiders Place Their Bets

In related news, Director Michael J. Mcconnell bought 10,000 shares of the stock in a transaction on Monday, August 18th. The shares were purchased at an average price of $4.64 per share, with a total value of $46,400.00. Following the purchase, the director owned 28,028 shares in the company, valued at approximately $130,049.92. This represents a 55.47% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steven Mark Towe bought 23,157 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the acquisition, the chief executive officer owned 2,457,923 shares of the company’s stock, valued at $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 6.30% of the company’s stock.

Hedge Funds Weigh In On PowerFleet

Several hedge funds have recently modified their holdings of AIOT. Teacher Retirement System of Texas acquired a new position in PowerFleet during the first quarter worth about $95,000. Bank of New York Mellon Corp boosted its position in shares of PowerFleet by 8.8% during the 1st quarter. Bank of New York Mellon Corp now owns 268,639 shares of the company’s stock valued at $1,475,000 after purchasing an additional 21,785 shares in the last quarter. Brown Advisory Inc. acquired a new position in shares of PowerFleet in the 1st quarter worth approximately $240,000. Arizona State Retirement System bought a new stake in shares of PowerFleet in the 1st quarter worth approximately $187,000. Finally, Schwarz Dygos Wheeler Investment Advisors LLC acquired a new stake in PowerFleet during the first quarter valued at approximately $2,668,000. 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.