Wasatch Advisors LP grew its position in shares of PowerFleet, Inc. (NASDAQ:AIOT – Free Report) by 40.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,241,729 shares of the company’s stock after acquiring an additional 639,966 shares during the quarter. Wasatch Advisors LP’s holdings in PowerFleet were worth $6,905,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Kennedy Capital Management LLC lifted its stake in shares of PowerFleet by 292.3% in the 4th quarter. Kennedy Capital Management LLC now owns 1,970,918 shares of the company’s stock valued at $10,485,000 after purchasing an additional 1,468,573 shares in the last quarter. Pinnacle Associates Ltd. increased its position in PowerFleet by 635.7% during the 3rd quarter. Pinnacle Associates Ltd. now owns 1,398,305 shares of the company’s stock worth $7,327,000 after purchasing an additional 1,208,252 shares in the last quarter. Nuveen LLC raised its holdings in PowerFleet by 44.7% in the fourth quarter. Nuveen LLC now owns 3,312,956 shares of the company’s stock valued at $17,625,000 after buying an additional 1,023,077 shares during the period. Goldman Sachs Group Inc. raised its holdings in PowerFleet by 271.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,169,710 shares of the company’s stock valued at $6,223,000 after buying an additional 854,444 shares during the period. Finally, Bastion Asset Management Inc. lifted its position in PowerFleet by 78.4% during the fourth quarter. Bastion Asset Management Inc. now owns 1,712,883 shares of the company’s stock valued at $8,853,000 after buying an additional 752,782 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the stock. UBS Group set a $7.00 price objective on shares of PowerFleet in a research report on Tuesday, June 16th. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Raymond James Financial decreased their price target on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Tuesday, June 16th. Finally, Weiss Ratings downgraded PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.67.
PowerFleet Trading Up 0.7%
Shares of AIOT opened at $3.73 on Friday. PowerFleet, Inc. has a one year low of $2.78 and a one year high of $5.88. The stock has a 50-day moving average price of $3.59 and a 200 day moving average price of $4.06. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.99 and a current ratio of 1.13. The company has a market capitalization of $501.16 million, a P/E ratio of -23.34 and a beta of 1.43.
PowerFleet (NASDAQ:AIOT – Get Free Report) last posted its quarterly earnings data on Monday, June 15th. The company reported $0.04 earnings per share (EPS) for the quarter. PowerFleet had a negative return on equity of 1.33% and a negative net margin of 4.63%.The company had revenue of $114.49 million for the quarter, compared to the consensus estimate of $112.98 million. During the same period in the previous year, the business earned ($0.09) EPS. Sell-side analysts forecast that PowerFleet, Inc. will post 0.17 EPS for the current fiscal year.
About PowerFleet
PowerFleet, Inc (NASDAQ: AIOT) develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company’s systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.
The company’s hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.
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