PowerFleet (NASDAQ:AIOT) Releases Earnings Results, Beats Expectations By $0.01 EPS

PowerFleet (NASDAQ:AIOT) posted its quarterly earnings data on Monday. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01, FiscalAI reports. PowerFleet had a negative return on equity of 1.33% and a negative net margin of 4.63%.The business had revenue of $110.79 million for the quarter, compared to the consensus estimate of $115.54 million.

PowerFleet Price Performance

NASDAQ:AIOT opened at $4.41 on Monday. The firm has a market capitalization of $591.95 million, a price-to-earnings ratio of -27.56 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.99 and a current ratio of 1.13. The stock has a fifty day moving average of $4.07 and a 200 day moving average of $3.78. PowerFleet has a 52-week low of $2.78 and a 52-week high of $5.88.

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. UBS Group set a $7.00 price objective on PowerFleet in a research note on Tuesday, June 16th. Finally, Raymond James Financial cut their target price on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating for the company in a research report on Tuesday, June 16th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $9.67.

Institutional Trading of PowerFleet

A number of large investors have recently modified their holdings of the business. Mercer Global Advisors Inc. ADV purchased a new position in shares of PowerFleet during the fourth quarter worth about $63,000. Stoic Point Capital Management LLC purchased a new stake in PowerFleet in the fourth quarter valued at approximately $3,671,000. Private Capital Management LLC lifted its position in PowerFleet by 3.1% during the fourth quarter. Private Capital Management LLC now owns 7,584,853 shares of the company’s stock valued at $40,351,000 after purchasing an additional 230,780 shares during the last quarter. Engineers Gate Manager LP bought a new stake in PowerFleet during the fourth quarter valued at approximately $316,000. Finally, Boothbay Fund Management LLC purchased a new position in PowerFleet in the 4th quarter worth approximately $125,000. Institutional investors own 73.40% of the company’s stock.

PowerFleet Company 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.