Voss Capital LP Buys 2,838,900 Shares of PowerFleet, Inc. $AIOT

Voss Capital LP boosted its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 104.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,559,491 shares of the company’s stock after buying an additional 2,838,900 shares during the period. PowerFleet accounts for approximately 1.7% of Voss Capital LP’s portfolio, making the stock its 19th largest position. Voss Capital LP’s holdings in PowerFleet were worth $23,961,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Driehaus Capital Management LLC bought a new position in shares of PowerFleet in the 1st quarter worth approximately $6,387,000. CenterBook Partners LP raised its holdings in PowerFleet by 40.4% in the second quarter. CenterBook Partners LP now owns 4,040,568 shares of the company’s stock worth $17,415,000 after purchasing an additional 1,162,742 shares in the last quarter. Private Management Group Inc. lifted its position in PowerFleet by 29.3% during the second quarter. Private Management Group Inc. now owns 4,884,151 shares of the company’s stock valued at $21,051,000 after buying an additional 1,105,673 shares during the period. Nuveen LLC bought a new stake in shares of PowerFleet during the 1st quarter valued at $5,233,000. Finally, Lord Abbett & CO. LLC grew its position in shares of PowerFleet by 90.7% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,859,466 shares of the company’s stock worth $10,208,000 after buying an additional 884,547 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Stock Performance

AIOT stock opened at $5.26 on Monday. The stock’s 50 day simple moving average is $5.05 and its 200 day simple moving average is $4.77. The company has a current ratio of 1.07, a quick ratio of 0.93 and a debt-to-equity ratio of 0.49. PowerFleet, Inc. has a 12-month low of $3.70 and a 12-month high of $8.71. The stock has a market capitalization of $703.89 million, a PE ratio of -16.97 and a beta of 1.35.

PowerFleet (NASDAQ:AIOT) last posted its earnings results on Monday, November 10th. The company reported $0.02 EPS for the quarter, hitting analysts’ consensus estimates of $0.02. The business had revenue of $111.68 million during the quarter, compared to analyst estimates of $105.51 million. PowerFleet had a negative return on equity of 9.00% and a negative net margin of 9.70%. As a group, research analysts forecast that PowerFleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Zacks Research raised shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Barrington Research reiterated an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a report on Wednesday, November 26th. Weiss Ratings restated a “sell (d-)” rating on shares of PowerFleet in a research note on Wednesday, October 8th. William Blair reaffirmed an “outperform” rating on shares of PowerFleet in a research report on Tuesday, November 11th. Finally, Wall Street Zen downgraded PowerFleet from a “hold” rating to a “sell” rating in a report on Sunday, November 2nd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.50.

About PowerFleet

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.