Kopion Asset Management LLC increased its position in shares of PowerFleet, Inc. (NASDAQ:AIOT – Free Report) by 36.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,303,859 shares of the company’s stock after acquiring an additional 879,571 shares during the period. PowerFleet comprises 6.2% of Kopion Asset Management LLC’s investment portfolio, making the stock its 7th biggest position. Kopion Asset Management LLC owned approximately 2.46% of PowerFleet worth $9,383,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AIOT. Sequoia Financial Advisors LLC acquired a new position in PowerFleet in the 2nd quarter valued at about $62,000. Bienville Capital Management LLC acquired a new stake in shares of PowerFleet during the second quarter worth about $54,000. WINTON GROUP Ltd purchased a new position in shares of PowerFleet in the second quarter valued at approximately $525,000. Pinnacle Wealth Management Advisory Group LLC boosted its stake 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 period. Finally, Squarepoint Ops LLC grew its holdings in shares of PowerFleet by 1,003.8% in the second quarter. Squarepoint Ops LLC now owns 274,381 shares of the company’s stock valued at $1,051,000 after purchasing an additional 249,523 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.
PowerFleet Stock Up 0.2%
PowerFleet stock traded up $0.01 during midday trading on Friday, reaching $2.65. The company’s stock had a trading volume of 275,721 shares, compared to its average volume of 1,651,729. The company has a market cap of $355.04 million, a P/E ratio of -18.89 and a beta of 1.40. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. The business has a 50-day simple moving average of $3.08 and a 200-day simple moving average of $3.44. PowerFleet, Inc. has a fifty-two week low of $2.55 and a fifty-two week high of $5.88.
PowerFleet declared that its board has approved a share buyback plan on Tuesday, June 30th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on AIOT shares. Zacks Research downgraded shares of PowerFleet from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Northland Securities set a $7.00 price target on shares of PowerFleet in a research note on Tuesday, August 11th. Craig Hallum cut their price objective on PowerFleet from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Barrington Research set a $10.00 price objective on PowerFleet in a research note on Monday, August 10th. Finally, Wall Street Zen cut PowerFleet from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, PowerFleet currently has a consensus rating of “Hold” and a consensus price target of $7.40.
Read Our Latest Research Report on PowerFleet
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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