PowerFleet, Inc. (NASDAQ:AIOT) Receives Average Recommendation of “Hold” from Brokerages

PowerFleet, Inc. (NASDAQ:AIOT) has been assigned a consensus recommendation of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $7.40.

Several equities research analysts have recently commented on AIOT shares. Northland Securities set a $7.00 target price on PowerFleet in a report on Tuesday, August 11th. Craig Hallum cut their price objective on PowerFleet from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Zacks Research lowered shares of PowerFleet from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Weiss Ratings cut shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Finally, UBS Group set a $7.00 target price on shares of PowerFleet in a research report on Tuesday, June 16th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of PowerFleet in the 2nd quarter valued at about $39,489,000. AWM Investment Company Inc. acquired a new stake in shares of PowerFleet during the second quarter worth approximately $14,709,000. Wasatch Advisors LP purchased a new position in PowerFleet during the second quarter valued at approximately $6,426,000. Kennedy Capital Management LLC grew its position in PowerFleet by 292.3% during the fourth quarter. Kennedy Capital Management LLC now owns 1,970,918 shares of the company’s stock valued at $10,485,000 after purchasing an additional 1,468,573 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in PowerFleet by 1,644.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,530,725 shares of the company’s stock valued at $4,715,000 after buying an additional 1,442,989 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Stock Performance

Shares of NASDAQ:AIOT opened at $3.02 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.10. The stock has a market capitalization of $405.37 million, a price-to-earnings ratio of -21.57 and a beta of 1.39. PowerFleet has a 1-year low of $2.78 and a 1-year high of $5.88. The company has a 50 day moving average price of $3.69 and a 200 day moving average price of $3.52.

PowerFleet (NASDAQ:AIOT) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.01. The company had revenue of $110.79 million for 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 anticipate that PowerFleet will post 0.1 EPS for the current fiscal year.

PowerFleet declared that its board has approved a share repurchase program on Tuesday, June 30th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

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.