296,249 PowerFleet, Inc. $AIOT Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. grew its position in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 7.4% in the 3rd quarter, Holdings Channel reports. The firm owned 4,280,983 shares of the company’s stock after acquiring an additional 296,249 shares during the quarter. Pinnacle Associates Ltd.’s holdings in PowerFleet were worth $12,158,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of PowerFleet in the 2nd quarter worth approximately $39,489,000. Private Management Group Inc. increased its position in shares of PowerFleet by 4.0% during the second quarter. Private Management Group Inc. now owns 5,731,137 shares of the company’s stock worth $21,950,000 after buying an additional 218,615 shares during the period. Dimensional Fund Advisors LP increased its position in shares of PowerFleet by 20.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company’s stock worth $12,718,000 after buying an additional 698,112 shares during the period. AWM Investment Company Inc. acquired a new stake in shares of PowerFleet during the second quarter worth $14,709,000. Finally, Kopion Asset Management LLC raised its stake in PowerFleet by 36.3% during the third quarter. Kopion Asset Management LLC now owns 3,303,859 shares of the company’s stock worth $9,383,000 after buying an additional 879,571 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AIOT. Craig Hallum dropped their target price on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PowerFleet in a research report on Friday, September 11th. Raymond James Financial downgraded PowerFleet from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 11th. Wall Street Zen downgraded PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Barrington Research set a $10.00 price objective on PowerFleet in a research report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, PowerFleet currently has an average rating of “Hold” and a consensus price target of $7.40.

PowerFleet Price Performance

Shares of AIOT opened at $2.59 on Thursday. PowerFleet, Inc. has a 52-week low of $2.29 and a 52-week high of $5.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.10. The business’s 50 day moving average price is $2.87 and its two-hundred day moving average price is $3.41. The firm has a market cap of $347.66 million, a PE ratio of 127.50 and a beta of 1.40.

PowerFleet (NASDAQ:AIOT) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The firm had revenue of $110.79 million for the quarter, compared to analysts’ expectations of $115.54 million. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. On average, equities analysts anticipate that PowerFleet, Inc. will post 0.10 EPS for the current year.

PowerFleet declared that its Board of Directors has initiated a stock buyback program on Tuesday, June 30th that authorizes the company to buy back $30.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6% of its shares through open market purchases. Share buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

PowerFleet Company Profile

Powerfleet, Inc (NASDAQ: AIOT) provides connected vehicle, asset and fleet-management solutions designed to help organizations improve safety, productivity, utilization and operational visibility. Its platform combines telematics hardware, software and data analytics to monitor vehicles, equipment and other mobile assets.

The company’s products and services include fleet tracking and management, driver-safety tools, video telematics, asset tracking, maintenance and utilization monitoring, and solutions for logistics and supply-chain operations.