Bastion Asset Management Inc. increased its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT – Free Report) by 13.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,943,380 shares of the company’s stock after acquiring an additional 230,497 shares during the period. PowerFleet makes up about 1.8% of Bastion Asset Management Inc.’s holdings, making the stock its 23rd largest holding. Bastion Asset Management Inc.’s holdings in PowerFleet were worth $5,986,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the stock. Hurley Capital LLC bought a new stake in PowerFleet in the fourth quarter valued at $32,000. Pinnacle Wealth Management Advisory Group LLC acquired a new position in shares of PowerFleet during the first quarter valued at $35,000. Kemnay Advisory Services Inc. bought a new position in shares of PowerFleet during the fourth quarter worth about $48,000. BNP Paribas Financial Markets grew its position in shares of PowerFleet by 100.9% during the second quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock worth $51,000 after acquiring an additional 5,904 shares during the last quarter. Finally, MGO One Seven LLC acquired a new stake in shares of PowerFleet in the 4th quarter worth about $55,000. 73.40% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts recently weighed in on the stock. Raymond James Financial cut their price objective on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 16th. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. UBS Group set a $7.00 price target on shares of PowerFleet in a research note on Tuesday, June 16th. Finally, Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $9.67.
PowerFleet Price Performance
Shares of AIOT opened at $4.22 on Friday. The firm has a market capitalization of $566.24 million, a price-to-earnings ratio of -26.37 and a beta of 1.42. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.99 and a current ratio of 1.13. PowerFleet, Inc. has a one year low of $2.78 and a one year high of $5.88. The stock’s fifty day moving average is $3.85 and its 200-day moving average is $3.94.
PowerFleet (NASDAQ:AIOT – Get Free Report) last posted its quarterly earnings data on Monday, June 15th. The company reported $0.04 earnings per share for the quarter. The business had revenue of $114.49 million during the quarter, compared to the consensus estimate of $112.98 million. PowerFleet had a negative net margin of 4.63% and a negative return on equity of 1.33%. During the same quarter in the prior year, the company posted ($0.09) earnings per share. Equities analysts anticipate that PowerFleet, Inc. will post 0.17 EPS for the current year.
PowerFleet announced that its Board of Directors has authorized a share repurchase program on Tuesday, June 30th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
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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