Powerfleet (NASDAQ:AIOT) Shares Gap Down – Time to Sell?

Powerfleet, Inc. (NASDAQ:AIOT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $4.98, but opened at $4.80. Powerfleet shares last traded at $4.89, with a volume of 192,041 shares.

Analyst Upgrades and Downgrades

AIOT has been the topic of several recent analyst reports. Barrington Research reissued an “outperform” rating and issued a $15.00 price target on shares of Powerfleet in a research note on Friday. Lake Street Capital set a $8.00 target price on Powerfleet and gave the stock a “buy” rating in a research note on Tuesday, May 27th. Finally, Raymond James dropped their price objective on Powerfleet from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $10.50.

Powerfleet Stock Down 2.9%

The business’s 50-day moving average price is $5.03 and its 200 day moving average price is $5.91. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Institutional Investors Weigh In On Powerfleet

Several hedge funds have recently bought and sold shares of the stock. Signaturefd LLC bought a new position in shares of Powerfleet during the 4th quarter valued at about $25,000. NBC Securities Inc. purchased a new position in shares of Powerfleet during the first quarter valued at approximately $36,000. Comerica Bank bought a new position in Powerfleet in the 4th quarter worth $42,000. California State Teachers Retirement System purchased a new position in shares of Powerfleet in the 4th quarter valued at approximately $46,000. Finally, GAMMA Investing LLC bought a new stake in Powerfleet during the first quarter worth about $46,000. 73.40% of the stock is currently owned by institutional investors.

Powerfleet Company Profile

PowerFleet, Inc engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets.