Raymond James Financial Inc. Buys New Stake in Powerfleet, Inc. (NASDAQ:AIOT)

Raymond James Financial Inc. purchased a new stake in Powerfleet, Inc. (NASDAQ:AIOT) in the 4th quarter, HoldingsChannel reports. The fund purchased 710,335 shares of the company’s stock, valued at approximately $4,731,000.

Several other hedge funds also recently added to or reduced their stakes in AIOT. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Powerfleet in the fourth quarter valued at about $11,034,000. Kopion Asset Management LLC purchased a new position in Powerfleet in the 4th quarter worth approximately $7,361,000. Hodges Capital Management Inc. acquired a new stake in Powerfleet in the fourth quarter valued at approximately $10,982,000. Inspire Investing LLC purchased a new stake in shares of Powerfleet during the fourth quarter valued at approximately $398,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Powerfleet during the fourth quarter worth $118,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Northland Securities raised their price target on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Lake Street Capital raised their target price on Powerfleet from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 price target on shares of Powerfleet in a research note on Thursday, February 13th.

Powerfleet Stock Performance

Shares of NASDAQ:AIOT opened at $6.20 on Wednesday. The company has a fifty day simple moving average of $6.55 and a 200 day simple moving average of $6.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21. Powerfleet, Inc. has a 12-month low of $3.99 and a 12-month high of $8.71.

Powerfleet (NASDAQ:AIOT) last released its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13). Analysts expect that Powerfleet, Inc. will post -0.32 EPS for the current year.

Powerfleet Profile

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.