Wall Street Zen Downgrades PowerFleet (NASDAQ:AIOT) to Sell

by · The Cerbat Gem

Wall Street Zen downgraded shares of PowerFleet (NASDAQ:AIOT – Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday morning.

A number of other equities analysts have also commented on the stock. Raymond James Financial reduced their target price on shares of PowerFleet from $10.00 to $8.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th. Lake Street Capital set a $8.00 target price on PowerFleet and gave the company a “buy” rating in a research report on Tuesday, May 27th. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a report on Monday, August 11th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to MarketBeat, PowerFleet currently has an average rating of “Moderate Buy” and an average price target of $10.50.

View Our Latest Stock Report on PowerFleet

PowerFleet Trading Up 0.2%

AIOT stock opened at $4.58 on Friday. PowerFleet has a 12 month low of $3.70 and a 12 month high of $8.71. The firm’s 50-day moving average is $4.40 and its 200 day moving average is $5.26. The company has a market capitalization of $611.16 million, a PE ratio of -15.27 and a beta of 1.35. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92.

Insider Buying and Selling at PowerFleet

In other PowerFleet news, 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 purchase, the chief executive officer directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael J. Mcconnell bought 10,000 shares of PowerFleet stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. 6.30% of the stock is currently owned by insiders.

Institutional Trading of PowerFleet

A number of institutional investors have recently bought and sold shares of AIOT. Private Capital Management LLC purchased a new position in shares of PowerFleet in the fourth quarter worth about $45,504,000. Vanguard Group Inc. increased its position in shares of PowerFleet by 3.8% in the first quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company’s stock valued at $36,923,000 after buying an additional 248,914 shares in the last quarter. Voss Capital LP raised its position in PowerFleet by 104.3% during the second quarter. Voss Capital LP now owns 5,559,491 shares of the company’s stock worth $23,961,000 after acquiring an additional 2,838,900 shares during the period. Private Management Group Inc. lifted its stake in PowerFleet by 29.3% in the 2nd quarter. Private Management Group Inc. now owns 4,884,151 shares of the company’s stock valued at $21,051,000 after buying an additional 1,105,673 shares in the last quarter. Finally, AWM Investment Company Inc. acquired a new stake in shares of PowerFleet in the fourth quarter worth approximately $31,000,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About PowerFleet

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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.

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