PowerFleet (NASDAQ:AIOT) Trading 10.1% Higher – Here’s Why

PowerFleet, Inc. (NASDAQ:AIOT)’s stock price traded up 10.1% during trading on Thursday . The stock traded as high as $4.20 and last traded at $4.1950. 958,257 shares were traded during trading, a decline of 38% from the average session volume of 1,545,506 shares. The stock had previously closed at $3.81.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of PowerFleet in a research report on Friday, May 8th. Barrington Research reaffirmed an “outperform” rating and set a $15.00 price objective on shares of PowerFleet in a research report on Friday, February 6th. Finally, Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

PowerFleet Price Performance

The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.09. The stock has a market capitalization of $558.73 million, a price-to-earnings ratio of -18.11 and a beta of 1.43. The company has a 50-day moving average of $3.28 and a 200-day moving average of $4.15.

Institutional Trading of PowerFleet

Hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of PowerFleet by 1.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company’s stock worth $888,000 after acquiring an additional 2,871 shares in the last quarter. Connors Investor Services Inc. increased its position in shares of PowerFleet by 5.7% in the 4th quarter. Connors Investor Services Inc. now owns 56,000 shares of the company’s stock worth $298,000 after purchasing an additional 3,000 shares during the last quarter. R Squared Ltd increased its position in shares of PowerFleet by 40.6% in the 4th quarter. R Squared Ltd now owns 16,073 shares of the company’s stock worth $86,000 after purchasing an additional 4,640 shares during the last quarter. Royal Bank of Canada increased its position in shares of PowerFleet by 76.9% in the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after purchasing an additional 4,883 shares during the last quarter. Finally, First Dallas Securities Inc. boosted its holdings in PowerFleet by 13.0% in the third quarter. First Dallas Securities Inc. now owns 43,500 shares of the company’s stock worth $228,000 after purchasing an additional 5,000 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

About PowerFleet

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.