Pinnacle Associates Ltd. Has $11.61 Million Position in PowerFleet, Inc. $AIOT

Pinnacle Associates Ltd. raised its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 56.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 2,182,810 shares of the company’s stock after buying an additional 784,505 shares during the quarter. Pinnacle Associates Ltd.’s holdings in PowerFleet were worth $11,613,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of AIOT. State of Alaska Department of Revenue acquired a new position in PowerFleet in the third quarter valued at about $31,000. CWM LLC raised its position in shares of PowerFleet by 784.9% in the 3rd quarter. CWM LLC now owns 6,203 shares of the company’s stock valued at $33,000 after buying an additional 5,502 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of PowerFleet by 100.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock worth $51,000 after acquiring an additional 5,904 shares during the period. MGO One Seven LLC bought a new stake in shares of PowerFleet during the 4th quarter worth approximately $55,000. Finally, Krilogy Financial LLC acquired a new stake in shares of PowerFleet during the 4th quarter worth approximately $58,000. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of PowerFleet in a research report on Friday, May 8th. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a research report on Friday, February 6th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, PowerFleet has a consensus rating of “Moderate Buy” and an average target price of $11.50.

PowerFleet Stock Performance

Shares of PowerFleet stock opened at $3.26 on Friday. PowerFleet, Inc. has a fifty-two week low of $2.78 and a fifty-two week high of $6.05. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.09 and a quick ratio of 0.96. The firm has a market capitalization of $437.33 million, a P/E ratio of -14.17 and a beta of 1.38. The company’s 50 day moving average price is $3.19 and its two-hundred day moving average price is $4.30.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings results on Monday, February 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). PowerFleet had a negative return on equity of 5.23% and a negative net margin of 7.00%.The company had revenue of $113.49 million for the quarter, compared to analyst estimates of $111.69 million. On average, equities analysts forecast that PowerFleet, Inc. will post -0.13 earnings per share for the current fiscal 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.