Hodges Capital Management Inc. Trims Stock Holdings in PowerFleet, Inc. $AIOT

Hodges Capital Management Inc. lowered its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 84.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 172,515 shares of the company’s stock after selling 907,383 shares during the quarter. Hodges Capital Management Inc.’s holdings in PowerFleet were worth $904,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. State of Alaska Department of Revenue purchased a new stake in PowerFleet in the third quarter valued at approximately $31,000. CWM LLC grew its stake in shares of PowerFleet by 784.9% in the third quarter. CWM LLC now owns 6,203 shares of the company’s stock valued at $33,000 after buying an additional 5,502 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of PowerFleet by 100.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock valued at $51,000 after buying an additional 5,904 shares during the period. Spire Wealth Management raised its holdings in shares of PowerFleet by 39.6% in the 2nd quarter. Spire Wealth Management now owns 12,750 shares of the company’s stock valued at $55,000 after buying an additional 3,620 shares during the period. Finally, Ameritas Investment Partners Inc. lifted its stake in PowerFleet by 43.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 12,692 shares of the company’s stock worth $55,000 after acquiring an additional 3,826 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

PowerFleet Stock Performance

Shares of AIOT stock opened at $3.72 on Thursday. The company has a current ratio of 1.09, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average price of $5.12 and a 200 day moving average price of $4.99. The company has a market cap of $499.04 million, a P/E ratio of -16.17 and a beta of 1.33. PowerFleet, Inc. has a 12 month low of $3.59 and a 12 month high of $8.22.

PowerFleet (NASDAQ:AIOT) last posted its quarterly earnings results on Monday, February 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $113.49 million during the quarter, compared to analyst estimates of $111.69 million. PowerFleet had a negative net margin of 7.00% and a negative return on equity of 5.23%. Sell-side analysts predict that PowerFleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on AIOT. Barrington Research reiterated an “outperform” rating and set a $15.00 price target on shares of PowerFleet in a research note on Friday, February 6th. Weiss Ratings raised shares of PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Tuesday, February 10th. Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. Finally, William Blair restated an “outperform” rating on shares of PowerFleet in a research note on Tuesday, November 11th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.33.

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.