CenterBook Partners LP Decreases Stock Position in PowerFleet, Inc. $AIOT

CenterBook Partners LP cut its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 10.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,619,257 shares of the company’s stock after selling 421,311 shares during the quarter. PowerFleet accounts for about 0.9% of CenterBook Partners LP’s investment portfolio, making the stock its 17th largest holding. CenterBook Partners LP owned approximately 2.71% of PowerFleet worth $18,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of AIOT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in PowerFleet by 1.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company’s stock valued at $888,000 after purchasing an additional 2,871 shares during the last quarter. Spire Wealth Management increased its stake in shares of PowerFleet by 39.6% in the second quarter. Spire Wealth Management now owns 12,750 shares of the company’s stock worth $55,000 after buying an additional 3,620 shares during the period. Ameritas Investment Partners Inc. raised its holdings in PowerFleet by 43.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,692 shares of the company’s stock valued at $55,000 after buying an additional 3,826 shares during the last quarter. ProShare Advisors LLC raised its holdings in PowerFleet by 17.7% during the 2nd quarter. ProShare Advisors LLC now owns 25,489 shares of the company’s stock valued at $110,000 after buying an additional 3,833 shares during the last quarter. Finally, First Dallas Securities Inc. boosted its position in PowerFleet by 13.0% during the 3rd quarter. First Dallas Securities Inc. now owns 43,500 shares of the company’s stock valued at $228,000 after buying an additional 5,000 shares during the period. 73.40% of the stock is currently owned by institutional investors.

PowerFleet Price Performance

AIOT stock opened at $3.79 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.09 and a quick ratio of 0.96. PowerFleet, Inc. has a 1 year low of $3.59 and a 1 year high of $8.26. The firm has a 50-day moving average of $5.15 and a 200 day moving average of $5.00. The company has a market cap of $508.42 million, a P/E ratio of -16.48 and a beta of 1.33.

PowerFleet (NASDAQ:AIOT) last posted its earnings results on Monday, February 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $113.49 million for the quarter, compared to analysts’ expectations of $111.69 million. PowerFleet had a negative return on equity of 5.23% and a negative net margin of 7.00%. On average, sell-side analysts forecast that PowerFleet, Inc. will post -0.32 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. William Blair restated an “outperform” rating on shares of PowerFleet in a research report on Tuesday, November 11th. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, December 13th. Weiss Ratings upgraded PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a report on Tuesday, February 10th. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 price objective on shares of PowerFleet in a research report on Friday, February 6th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.33.

PowerFleet 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.