PowerFleet, Inc. $AIOT Holdings Boosted by Kopion Asset Management LLC

by · The Markets Daily

Kopion Asset Management LLC lifted its position in shares of PowerFleet, Inc. (NASDAQ:AIOT – Free Report) by 36.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,303,859 shares of the company’s stock after purchasing an additional 879,571 shares during the period. PowerFleet comprises about 6.2% of Kopion Asset Management LLC’s holdings, making the stock its 7th largest position. Kopion Asset Management LLC’s holdings in PowerFleet were worth $9,383,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AIOT. Sequoia Financial Advisors LLC acquired a new position in PowerFleet in the second quarter valued at $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 during the second quarter worth about $525,000. Pinnacle Wealth Management Advisory Group LLC grew its holdings in shares of PowerFleet by 60.3% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 18,115 shares of the company’s stock worth $69,000 after buying an additional 6,816 shares during the last quarter. Finally, Squarepoint Ops LLC grew its holdings in shares of PowerFleet by 1,003.8% during the second quarter. Squarepoint Ops LLC now owns 274,381 shares of the company’s stock worth $1,051,000 after buying an additional 249,523 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

PowerFleet Price Performance

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 firm has a market capitalization of $355.04 million, a PE ratio of -18.89 and a beta of 1.40. PowerFleet, Inc. has a fifty-two week low of $2.55 and a fifty-two week high of $5.88. The stock’s 50 day simple moving average is $3.08 and its 200 day simple moving average is $3.44. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.10.

PowerFleet (NASDAQ:AIOT – Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. The business had revenue of $110.79 million during the quarter, compared to the consensus estimate of $115.54 million. On average, equities research analysts forecast that PowerFleet, Inc. will post 0.1 earnings per share for the current year.

PowerFleet declared that its Board of Directors has initiated a stock repurchase program on Tuesday, June 30th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to purchase up to 6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

AIOT has been the subject of several analyst reports. Craig Hallum reduced their price objective on PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Raymond James Financial downgraded PowerFleet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Zacks Research cut PowerFleet from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. UBS Group set a $7.00 price target on PowerFleet in a report on Tuesday, June 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a research report on Friday, September 11th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, PowerFleet currently has a consensus rating of “Hold” and a consensus price target of $7.40.

View Our Latest Research Report on PowerFleet

PowerFleet Company Profile

(Free Report)

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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