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

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $7.40.

AIOT has been the topic of several research analyst reports. Northland Securities set a $7.00 price target on shares of PowerFleet in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a report on Friday, September 11th. Raymond James Financial cut PowerFleet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Wall Street Zen lowered PowerFleet from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Zacks Research raised shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research note on Monday, October 12th.

Hedge Funds Weigh In On PowerFleet

Several institutional investors have recently modified their holdings of AIOT. Wedbush Securities Inc. bought a new position in shares of PowerFleet during the 3rd quarter worth approximately $39,000. Seven Mile Advisory acquired a new position in shares of PowerFleet during the 3rd quarter worth approximately $72,000. Cardinal Point Capital Management ULC increased its stake in PowerFleet by 36.8% during the 3rd quarter. Cardinal Point Capital Management ULC now owns 319,100 shares of the company’s stock worth $906,000 after acquiring an additional 85,800 shares during the period. Pinnacle Associates Ltd. lifted its position in PowerFleet by 7.4% during the third quarter. Pinnacle Associates Ltd. now owns 4,280,983 shares of the company’s stock worth $12,158,000 after purchasing an additional 296,249 shares during the period. Finally, Krilogy Financial LLC boosted its position in shares of PowerFleet by 18.0% during the 3rd quarter. Krilogy Financial LLC now owns 32,904 shares of the company’s stock worth $89,000 after acquiring an additional 5,027 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

PowerFleet Stock Performance

Shares of NASDAQ AIOT opened at $2.66 on Tuesday. PowerFleet has a 52-week low of $2.29 and a 52-week high of $5.88. The stock has a market capitalization of $357.05 million, a P/E ratio of -19.00 and a beta of 1.40. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average price is $2.85 and its two-hundred day moving average price is $3.40.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate 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 company had revenue of $110.79 million for the quarter, compared to analyst estimates of $115.54 million. As a group, sell-side analysts forecast that PowerFleet will post 0.10 earnings per share for the current year.

PowerFleet announced that its board has authorized a stock repurchase plan on Tuesday, June 30th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

PowerFleet Company Profile

Powerfleet, Inc provides connected-vehicle and asset-management solutions designed to help organizations monitor, manage and optimize mobile assets. Its platform combines Internet of Things (IoT) connectivity, telematics, location tracking and analytics to deliver visibility into vehicles, equipment, cargo and other assets.

The company’s products and services support fleet management, driver safety, vehicle and equipment utilization, maintenance, logistics and supply-chain operations. Powerfleet serves a range of industries, including transportation, logistics, commercial fleets, rental and leasing, construction, manufacturing and other organizations that rely on mobile assets.

Powerfleet has expanded its capabilities through acquisitions and business combinations, including its 2019 acquisition of Pointer Telocation and its 2024 combination with MiX Telematics.