PowerFleet (NASDAQ:AIOT) Stock Price Crosses Above 50 Day Moving Average – What’s Next?

PowerFleet, Inc. (NASDAQ:AIOT) passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $2.82 and traded as high as $2.88. PowerFleet shares last traded at $2.86, with a volume of 1,720,696 shares changing hands.

Analysts Set New Price Targets

AIOT has been the subject of a number of recent research reports. Zacks Research upgraded PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 12th. Barrington Research set a $10.00 target price on PowerFleet in a report on Monday, August 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PowerFleet in a report on Friday, September 11th. Wall Street Zen lowered PowerFleet from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Northland Securities set a $7.00 price target on PowerFleet in a research note on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.40.

PowerFleet Trading Up 5.9%

The company has a current ratio of 1.10, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a market cap of $383.90 million, a PE ratio of -20.43 and a beta of 1.40. The company’s 50-day moving average is $2.82 and its 200 day moving average is $3.56.

PowerFleet (NASDAQ:AIOT) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $110.79 million during the quarter, compared to analyst estimates of $115.54 million. As a group, sell-side analysts predict that PowerFleet, Inc. will post 0.10 EPS for the current year.

Institutional Trading of PowerFleet

Several hedge funds and other institutional investors have recently modified their holdings of the business. State of Wyoming grew its holdings in shares of PowerFleet by 826.2% during the third quarter. State of Wyoming now owns 64,817 shares of the company’s stock valued at $184,000 after buying an additional 57,819 shares in the last quarter. Wedbush Securities Inc. acquired a new position in PowerFleet during the third quarter valued at $39,000. Seven Mile Advisory purchased a new stake in PowerFleet in the 3rd quarter worth about $72,000. Cardinal Point Capital Management ULC lifted its stake in PowerFleet by 36.8% in 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 in the last quarter. Finally, Pinnacle Associates Ltd. lifted its stake in PowerFleet by 7.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 4,280,983 shares of the company’s stock worth $12,158,000 after acquiring an additional 296,249 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.