Voss Capital LP Grows Position in PowerFleet, Inc. $AIOT

Voss Capital LP grew its position in PowerFleet, Inc. (NASDAQ:AIOT) by 4.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,800,000 shares of the company’s stock after acquiring an additional 240,509 shares during the quarter. PowerFleet accounts for 1.5% of Voss Capital LP’s portfolio, making the stock its 16th biggest holding. Voss Capital LP’s holdings in PowerFleet were worth $30,392,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AIOT. Private Capital Management LLC boosted its position in shares of PowerFleet by 9.1% during the 3rd quarter. Private Capital Management LLC now owns 7,354,073 shares of the company’s stock valued at $38,535,000 after acquiring an additional 610,660 shares during the last quarter. Private Management Group Inc. increased its position in PowerFleet by 6.6% in the third quarter. Private Management Group Inc. now owns 5,208,278 shares of the company’s stock worth $27,291,000 after purchasing an additional 324,127 shares during the last quarter. Royce & Associates LP increased its position in PowerFleet by 10.4% in the third quarter. Royce & Associates LP now owns 4,311,875 shares of the company’s stock worth $22,594,000 after purchasing an additional 404,540 shares during the last quarter. CenterBook Partners LP raised its stake in PowerFleet by 40.4% during the second quarter. CenterBook Partners LP now owns 4,040,568 shares of the company’s stock valued at $17,415,000 after purchasing an additional 1,162,742 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in PowerFleet by 3.3% during the third quarter. Dimensional Fund Advisors LP now owns 3,091,361 shares of the company’s stock valued at $16,199,000 after purchasing an additional 97,531 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Barrington Research reissued an “outperform” rating and issued a $15.00 price objective on shares of PowerFleet in a research note on Friday, February 6th. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. Finally, Weiss Ratings raised shares of PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a report on Tuesday, February 10th. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.33.

PowerFleet Price Performance

Shares of PowerFleet stock opened at $3.06 on Wednesday. The stock has a market cap of $410.50 million, a price-to-earnings ratio of -13.30 and a beta of 1.37. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.09. The stock has a 50 day moving average price of $4.39 and a 200-day moving average price of $4.87. PowerFleet, Inc. has a one year low of $3.05 and a one year high of $6.38.

PowerFleet (NASDAQ:AIOT) last released its quarterly earnings results on Monday, February 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The company had revenue of $113.49 million for the quarter, compared to analysts’ expectations of $111.69 million. PowerFleet had a negative net margin of 7.00% and a negative return on equity of 5.23%. Equities analysts expect that PowerFleet, Inc. will post -0.32 EPS 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.