PowerFleet, Inc. $AIOT Stock: CenterBook Partners LP Lowers Holdings

CenterBook Partners LP cut its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 24.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,104,081 shares of the company’s stock after selling 1,003,566 shares during the quarter. CenterBook Partners LP owned about 2.31% of PowerFleet worth $8,816,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State of Wyoming acquired a new stake in shares of PowerFleet in the second quarter valued at about $27,000. Royal Bank of Canada lifted its position in PowerFleet by 76.9% during the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after acquiring an additional 4,883 shares in the last quarter. Wedbush Securities Inc. acquired a new position in PowerFleet during the 3rd quarter worth approximately $39,000. Legal & General Group Plc purchased a new position in PowerFleet in the 2nd quarter worth approximately $48,000. Finally, Bienville Capital Management LLC purchased a new position in PowerFleet in the 2nd quarter worth approximately $54,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

PowerFleet Stock Up 3.9%

NASDAQ AIOT traded up $0.10 on Friday, hitting $2.69. 1,899,701 shares of the stock traded hands, compared to its average volume of 1,464,870. The stock has a 50-day moving average of $2.80 and a 200 day moving average of $3.47. PowerFleet, Inc. has a twelve month low of $2.29 and a twelve month high of $5.88. The company has a market capitalization of $361.08 million, a P/E ratio of -19.21 and a beta of 1.42. The company has a current ratio of 1.10, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48.

PowerFleet (NASDAQ:AIOT) last issued its earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. The company had revenue of $110.79 million during the quarter, compared to analyst estimates of $115.54 million. As a group, analysts expect that PowerFleet, Inc. will post 0.10 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on AIOT shares. Barrington Research set a $10.00 price objective on shares of PowerFleet in a research report on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a research report on Friday, September 11th. Northland Securities set a $7.00 target price on shares of PowerFleet in a research note on Tuesday, August 11th. Zacks Research raised shares of PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday, October 12th. Finally, Raymond James Financial lowered shares of PowerFleet from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.40.

About PowerFleet

Powerfleet, Inc provides connected-vehicle and asset-management solutions designed to help organizations monitor, manage and optimize mobile assets. Its platform combines Internet of Things (IoT) connectivity, telematics, location tracking and analytics to deliver visibility into vehicles, equipment, cargo and other assets.

The company’s products and services support fleet management, driver safety, vehicle and equipment utilization, maintenance, logistics and supply-chain operations. Powerfleet serves a range of industries, including transportation, logistics, commercial fleets, rental and leasing, construction, manufacturing and other organizations that rely on mobile assets.

Powerfleet has expanded its capabilities through acquisitions and business combinations, including its 2019 acquisition of Pointer Telocation and its 2024 combination with MiX Telematics.