PowerFleet, Inc. (NASDAQ:AIOT) Receives Average Recommendation of “Hold” from Analysts

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have earned a consensus recommendation of “Hold” from the five brokerages that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $9.6667.

Several brokerages have recently weighed in on AIOT. UBS Group set a $7.00 price target on shares of PowerFleet in a research note on Tuesday, June 16th. Raymond James Financial cut their price objective on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 16th. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings downgraded shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th.

Hedge Funds Weigh In On PowerFleet

Hedge funds have recently modified their holdings of the stock. Hurley Capital LLC bought a new stake in PowerFleet during the fourth quarter worth about $32,000. Royal Bank of Canada grew its stake in PowerFleet by 76.9% in the first quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock valued at $34,000 after purchasing an additional 4,883 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new position in PowerFleet in the first quarter valued at approximately $35,000. Kemnay Advisory Services Inc. acquired a new position in shares of PowerFleet during the 4th quarter worth approximately $48,000. Finally, BNP Paribas Financial Markets increased its position in shares of PowerFleet by 100.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock worth $51,000 after purchasing an additional 5,904 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

PowerFleet Stock Up 0.2%

AIOT stock opened at $4.23 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.99. The stock has a market capitalization of $567.58 million, a P/E ratio of -26.44 and a beta of 1.42. PowerFleet has a fifty-two week low of $2.78 and a fifty-two week high of $5.88. The business has a 50-day moving average of $3.86 and a 200-day moving average of $3.94.

PowerFleet (NASDAQ:AIOT) last announced its earnings results on Monday, June 15th. The company reported $0.04 earnings per share (EPS) for the quarter. The business had revenue of $114.49 million for the quarter, compared to analyst estimates of $112.98 million. PowerFleet had a negative return on equity of 1.33% and a negative net margin of 4.63%.During the same quarter last year, the firm earned ($0.09) EPS. On average, sell-side analysts anticipate that PowerFleet will post 0.17 earnings per share for the current fiscal year.

PowerFleet announced that its Board of Directors has approved a stock repurchase program on Tuesday, June 30th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.