CenterBook Partners LP Lowers Position in PowerFleet, Inc. $AIOT

CenterBook Partners LP decreased its position in PowerFleet, Inc. (NASDAQ:AIOT) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,162,940 shares of the company’s stock after selling 456,317 shares during the period. PowerFleet comprises 0.8% of CenterBook Partners LP’s portfolio, making the stock its 21st largest holding. CenterBook Partners LP’s holdings in PowerFleet were worth $16,827,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in AIOT. Royal Bank of Canada boosted its holdings in PowerFleet by 198.0% during the first quarter. Royal Bank of Canada now owns 91,365 shares of the company’s stock worth $501,000 after buying an additional 60,705 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in PowerFleet by 275.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company’s stock worth $1,116,000 after buying an additional 149,116 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in PowerFleet during the first quarter worth about $251,000. Goldman Sachs Group Inc. boosted its holdings in PowerFleet by 15.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock worth $5,739,000 after buying an additional 138,856 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in PowerFleet during the first quarter worth about $3,670,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

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

PowerFleet Price Performance

Shares of NASDAQ AIOT opened at $3.84 on Monday. PowerFleet, Inc. has a 12-month low of $2.78 and a 12-month high of $5.88. The company has a market capitalization of $515.12 million, a PE ratio of -16.69 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.09 and a quick ratio of 0.96. The firm’s 50-day moving average is $3.32 and its two-hundred day moving average is $4.14.

PowerFleet 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.