Powerfleet (NASDAQ:AIOT) Price Target Raised to $11.00

Powerfleet (NASDAQ:AIOT) had its price objective increased by equities researchers at Lake Street Capital from $7.00 to $11.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Lake Street Capital’s target price suggests a potential upside of 30.12% from the stock’s previous close.

Several other analysts have also recently weighed in on AIOT. William Blair restated an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. Northland Securities raised their price objective on Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 target price on shares of Powerfleet in a report on Thursday, February 6th.

Powerfleet Price Performance

AIOT stock traded up $0.65 during midday trading on Tuesday, reaching $8.45. 2,355,413 shares of the stock were exchanged, compared to its average volume of 2,090,348. Powerfleet has a 52 week low of $2.85 and a 52 week high of $8.62. The company has a fifty day moving average price of $6.40 and a 200 day moving average price of $5.62. The company has a current ratio of 1.71, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25.

Powerfleet (NASDAQ:AIOT) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13). On average, sell-side analysts anticipate that Powerfleet will post -0.14 EPS for the current year.

Insider Buying and Selling at Powerfleet

In related news, insider Catherine J. Lewis sold 82,010 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $7.05, for a total transaction of $578,170.50. Following the transaction, the insider now directly owns 240,962 shares of the company’s stock, valued at approximately $1,698,782.10. This trade represents a 25.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 7.79% of the company’s stock.

Hedge Funds Weigh In On Powerfleet

Several hedge funds have recently made changes to their positions in the business. Royce & Associates LP purchased a new position in shares of Powerfleet during the 4th quarter worth approximately $24,487,000. Private Management Group Inc. bought a new stake in shares of Powerfleet in the 4th quarter worth approximately $23,147,000. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in shares of Powerfleet in the 4th quarter worth approximately $11,034,000. Hodges Capital Management Inc. bought a new stake in Powerfleet in the fourth quarter worth $10,982,000. Finally, AMH Equity Ltd bought a new position in shares of Powerfleet during the fourth quarter valued at $7,819,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

About Powerfleet

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.