Potomac Capital Management Inc. Takes Position in PowerFleet, Inc. $AIOT

Potomac Capital Management Inc. purchased a new stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) during the 4th quarter, Holdings Channel.com reports. The fund purchased 206,000 shares of the company’s stock, valued at approximately $1,096,000. PowerFleet accounts for about 0.9% of Potomac Capital Management Inc.’s portfolio, making the stock its 27th biggest position.

Several other hedge funds have also modified their holdings of AIOT. Wasatch Advisors LP bought a new stake in shares of PowerFleet during the second quarter valued at approximately $6,426,000. Pinnacle Associates Ltd. grew its stake in shares of PowerFleet by 635.7% during the third quarter. Pinnacle Associates Ltd. now owns 1,398,305 shares of the company’s stock valued at $7,327,000 after purchasing an additional 1,208,252 shares during the last quarter. Bastion Asset Management Inc. bought a new stake in shares of PowerFleet during the third quarter valued at approximately $4,776,000. Goldman Sachs Group Inc. grew its stake in shares of PowerFleet by 271.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,169,710 shares of the company’s stock valued at $6,223,000 after purchasing an additional 854,444 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in shares of PowerFleet during the first quarter valued at approximately $3,670,000. 73.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on AIOT. Weiss Ratings reissued a “hold (c-)” rating on shares of PowerFleet in a research note on Friday, May 8th. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, PowerFleet has an average rating of “Moderate Buy” and an average target price of $15.00.

PowerFleet Stock Performance

Shares of PowerFleet stock opened at $3.91 on Wednesday. The firm has a fifty day moving average of $3.36 and a two-hundred day moving average of $4.13. The stock has a market capitalization of $524.53 million, a price-to-earnings ratio of -17.00 and a beta of 1.43. PowerFleet, Inc. has a 52 week low of $2.78 and a 52 week high of $5.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.09.

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.