PowerFleet (NASDAQ:AIOT) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of PowerFleet (NASDAQ:AIOT) from a hold rating to a sell rating in a research note released on Saturday.

A number of other equities analysts have also recently commented on the stock. Weiss Ratings cut shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Craig Hallum decreased their price target on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday. UBS Group set a $7.00 price objective on shares of PowerFleet in a research report on Tuesday, June 16th. Northland Securities set a $7.00 price objective on shares of PowerFleet in a research note on Tuesday. Finally, Barrington Research set a $10.00 target price on shares of PowerFleet in a report on Monday, August 10th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $7.40.

PowerFleet Trading Down 1.0%

AIOT opened at $3.11 on Friday. The firm has a market cap of $417.46 million, a price-to-earnings ratio of -22.21 and a beta of 1.43. PowerFleet has a 52 week low of $2.78 and a 52 week high of $5.88. The business’s 50 day moving average is $3.98 and its two-hundred day moving average is $3.71. The company has a quick ratio of 0.99, a current ratio of 1.10 and a debt-to-equity ratio of 0.48.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $110.79 million during the quarter, compared to analysts’ expectations of $115.54 million. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. On average, research analysts predict that PowerFleet will post 0.09 EPS for the current year.

PowerFleet declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, June 30th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On PowerFleet

Several large investors have recently modified their holdings of the stock. State of Wyoming acquired a new stake in shares of PowerFleet during the second quarter worth $27,000. Hurley Capital LLC acquired a new position in PowerFleet in the 4th quarter valued at $32,000. Royal Bank of Canada increased its stake in PowerFleet by 76.9% in the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock valued at $34,000 after buying an additional 4,883 shares during the period. Pinnacle Wealth Management Advisory Group LLC acquired a new position in PowerFleet in the 1st quarter valued at $35,000. Finally, Legal & General Group Plc purchased a new position in PowerFleet during the 2nd quarter worth $48,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Company Profile

PowerFleet, Inc (NASDAQ: AIOT) develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company’s systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company’s hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.