PowerFleet, Inc. (NASDAQ:AIOT) Stock Has Average Target Price of $7.40 According to Brokerages

PowerFleet, Inc. (NASDAQ:AIOT) has been assigned an average recommendation of “Hold” from the six research firms that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $7.40.

Several analysts have commented on AIOT shares. Zacks Research lowered PowerFleet from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Wall Street Zen downgraded PowerFleet from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a research report on Friday, September 11th. Raymond James Financial cut shares of PowerFleet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Finally, UBS Group set a $7.00 price target on shares of PowerFleet in a report on Tuesday, June 16th.

PowerFleet Price Performance

AIOT stock opened at $2.80 on Friday. The firm has a market cap of $375.84 million, a PE ratio of -20.00 and a beta of 1.39. 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 firm’s fifty day moving average is $3.31 and its 200 day moving average is $3.46. PowerFleet has a one year low of $2.78 and a one year high of $5.88.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. The business had revenue of $110.79 million during the quarter, compared to the consensus estimate of $115.54 million. On average, research analysts forecast that PowerFleet will post 0.1 EPS for the current year.

PowerFleet declared that its board has initiated a stock buyback plan on Tuesday, June 30th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of PowerFleet

Institutional investors and hedge funds have recently modified their holdings of the stock. Sequoia Financial Advisors LLC purchased a new position in PowerFleet in the 2nd quarter valued at about $62,000. Bienville Capital Management LLC acquired a new stake in PowerFleet in the 2nd quarter worth about $54,000. WINTON GROUP Ltd purchased a new stake in PowerFleet during the 2nd quarter worth approximately $525,000. Pinnacle Wealth Management Advisory Group LLC increased its stake in PowerFleet by 60.3% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 18,115 shares of the company’s stock worth $69,000 after buying an additional 6,816 shares in the last quarter. Finally, Squarepoint Ops LLC increased its stake in PowerFleet by 1,003.8% during the 2nd quarter. Squarepoint Ops LLC now owns 274,381 shares of the company’s stock worth $1,051,000 after buying an additional 249,523 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Company Profile

Powerfleet, Inc (NASDAQ:AIOT) is a global provider of connected vehicle and asset-management solutions. Its Internet of Things (IoT) and artificial intelligence technologies help organizations monitor, manage and optimize vehicles, equipment, cargo and other mobile assets.

The company offers fleet-management and telematics software, vehicle and asset tracking, driver and workplace safety tools, maintenance and utilization monitoring, logistics visibility, and connected video solutions.