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

PowerFleet, Inc. (NASDAQ:AIOT) has been given an average rating of “Hold” by the five brokerages that are currently covering the company, Marketbeat reports. One research 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 1-year price objective among brokers that have updated their coverage on the stock in the last year is $9.6667.

AIOT has been the subject of a number of research reports. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Raymond James Financial lowered their price target 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. Weiss Ratings cut shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Finally, UBS Group set a $7.00 price objective on shares of PowerFleet in a report on Tuesday, June 16th.

PowerFleet Trading Down 1.6%

Shares of AIOT opened at $4.22 on Thursday. The business has a 50-day moving average of $4.05 and a 200 day moving average of $3.80. PowerFleet has a fifty-two week low of $2.78 and a fifty-two week high of $5.88. The firm has a market cap of $566.45 million, a P/E ratio of -26.37 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.

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

Hedge Funds Weigh In On PowerFleet

A number of large investors have recently made changes to their positions in AIOT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in PowerFleet by 1.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company’s stock worth $888,000 after purchasing an additional 2,871 shares during the period. Connors Investor Services Inc. increased its position in shares of PowerFleet by 5.7% during the fourth quarter. Connors Investor Services Inc. now owns 56,000 shares of the company’s stock valued at $298,000 after buying an additional 3,000 shares during the period. R Squared Ltd increased its position in shares of PowerFleet by 40.6% during the fourth quarter. R Squared Ltd now owns 16,073 shares of the company’s stock valued at $86,000 after buying an additional 4,640 shares during the period. Royal Bank of Canada lifted its holdings in shares of PowerFleet by 76.9% in the first quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after buying an additional 4,883 shares in the last quarter. Finally, Clarus Group Inc. lifted its holdings in shares of PowerFleet by 26.7% in the first quarter. Clarus Group Inc. now owns 25,790 shares of the company’s stock worth $79,000 after buying an additional 5,434 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

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.