Powerfleet (NASDAQ:AIOT) Trading Up 8.6% on Analyst Upgrade

Powerfleet, Inc. (NASDAQ:AIOT)’s stock price traded up 8.6% during mid-day trading on Tuesday after Lake Street Capital raised their price target on the stock from $7.00 to $11.00. Lake Street Capital currently has a buy rating on the stock. Powerfleet traded as high as $8.43 and last traded at $8.47. 910,251 shares were traded during mid-day trading, a decline of 55% from the average session volume of 2,035,969 shares. The stock had previously closed at $7.80.

AIOT has been the subject of several other research reports. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 6th. Northland Securities increased their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, William Blair reaffirmed an “outperform” rating on shares of Powerfleet in a research report on Thursday, November 21st.

Insider Activity

In other news, insider Catherine J. Lewis sold 82,010 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $7.05, for a total transaction of $578,170.50. Following the completion of the transaction, the insider now directly owns 240,962 shares in the company, valued at approximately $1,698,782.10. This represents a 25.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 7.79% of the company’s stock.

Hedge Funds Weigh In On Powerfleet

Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC bought a new position in Powerfleet during the fourth quarter worth $25,000. Financial Management Professionals Inc. bought a new position in Powerfleet during the fourth quarter worth $50,000. Spire Wealth Management bought a new position in Powerfleet during the fourth quarter worth $55,000. Private Advisor Group LLC bought a new position in Powerfleet during the fourth quarter worth $68,000. Finally, HighTower Advisors LLC bought a new position in Powerfleet during the fourth quarter worth $84,000. 73.40% of the stock is currently owned by institutional investors.

Powerfleet Trading Down 7.4 %

The company has a 50 day moving average of $6.45 and a 200-day moving average of $5.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.51 and a current ratio of 1.71.

Powerfleet (NASDAQ:AIOT) last announced 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). As a group, analysts predict that Powerfleet, Inc. will post -0.14 EPS for the current fiscal year.

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.