PowerFleet, Inc. $AIOT Shares Purchased by Wasatch Advisors LP

Wasatch Advisors LP raised its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 40.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,241,729 shares of the company’s stock after acquiring an additional 639,966 shares during the quarter. Wasatch Advisors LP owned approximately 1.67% of PowerFleet worth $6,905,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AIOT. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of PowerFleet in the first quarter valued at about $35,000. Clarus Group Inc. increased its stake in shares of PowerFleet by 26.7% during the 1st quarter. Clarus Group Inc. now owns 25,790 shares of the company’s stock worth $79,000 after purchasing an additional 5,434 shares in the last quarter. Cardinal Point Capital Management ULC increased its stake in shares of PowerFleet by 124.5% during the 1st quarter. Cardinal Point Capital Management ULC now owns 135,800 shares of the company’s stock worth $418,000 after purchasing an additional 75,300 shares in the last quarter. Krilogy Financial LLC raised its position in shares of PowerFleet by 61.1% during the 1st quarter. Krilogy Financial LLC now owns 17,285 shares of the company’s stock worth $57,000 after purchasing an additional 6,554 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of PowerFleet during the 4th quarter worth approximately $63,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AIOT shares. Raymond James Financial lowered their target price on PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. UBS Group set a $7.00 price objective on PowerFleet in a research report on Tuesday, June 16th. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. Three equities research 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. Based on data from MarketBeat.com, PowerFleet has an average rating of “Hold” and a consensus target price of $9.67.

PowerFleet Trading Up 0.7%

NASDAQ AIOT opened at $3.73 on Friday. The company has a market cap of $501.16 million, a P/E ratio of -23.34 and a beta of 1.43. PowerFleet, Inc. has a 12 month low of $2.78 and a 12 month high of $5.88. 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 company has a 50-day moving average of $3.59 and a 200-day moving average of $4.06.

PowerFleet (NASDAQ:AIOT) last released its earnings results on Monday, June 15th. The company reported $0.04 earnings per share (EPS) for the quarter. PowerFleet had a negative net margin of 4.63% and a negative return on equity of 1.33%. The business had revenue of $114.49 million for the quarter, compared to analysts’ expectations of $112.98 million. During the same period last year, the company earned ($0.09) earnings per share. As a group, equities analysts predict that PowerFleet, Inc. will post 0.17 earnings per share for the current year.

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.