PowerFleet (NASDAQ:AIOT) Sees Strong Trading Volume – Here’s What Happened

Shares of PowerFleet, Inc. (NASDAQ:AIOT) saw strong trading volume on Monday . 925,850 shares changed hands during mid-day trading, a decline of 41% from the previous session’s volume of 1,563,171 shares.The stock last traded at $4.0490 and had previously closed at $4.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Raymond James Financial lowered their target price on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Tuesday. UBS Group set a $7.00 target price on shares of PowerFleet in a report on Tuesday. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings lowered shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.67.

PowerFleet Stock Performance

The firm has a market capitalization of $548.66 million, a P/E ratio of -25.56 and a beta of 1.43. The stock has a 50-day moving average of $3.47 and a 200 day moving average of $4.11. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.09.

PowerFleet (NASDAQ:AIOT) last released its quarterly earnings results on Monday, June 15th. The company reported $0.04 EPS for the quarter. PowerFleet had a negative return on equity of 1.33% and a negative net margin of 4.63%.The business had revenue of $114.49 million for the quarter, compared to analyst estimates of $112.98 million. During the same period in the prior year, the company earned ($0.09) EPS. On average, research analysts anticipate that PowerFleet, Inc. will post 0.11 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AIOT. Royal Bank of Canada boosted its position in PowerFleet by 198.0% in the 1st quarter. Royal Bank of Canada now owns 91,365 shares of the company’s stock valued at $501,000 after buying an additional 60,705 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in PowerFleet by 275.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company’s stock valued at $1,116,000 after buying an additional 149,116 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in PowerFleet in the 1st quarter valued at $251,000. Goldman Sachs Group Inc. boosted its position in PowerFleet by 15.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock valued at $5,739,000 after buying an additional 138,856 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in PowerFleet in the 1st quarter valued at $3,670,000. 73.40% of the stock is currently owned by institutional investors.

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.