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

Wasatch Advisors LP lifted its position in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 16.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,608,977 shares of the company’s stock after buying an additional 367,248 shares during the period. Wasatch Advisors LP owned 1.94% of PowerFleet worth $9,992,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of AIOT. Hurley Capital LLC purchased a new position in shares of PowerFleet during the 4th quarter worth $32,000. Kemnay Advisory Services Inc. purchased a new stake in shares of PowerFleet in the fourth quarter valued at $48,000. MGO One Seven LLC acquired a new position in PowerFleet in the fourth quarter valued at $55,000. Krilogy Financial LLC acquired a new position in PowerFleet in the fourth quarter valued at $58,000. Finally, Royal Bank of Canada lifted its position in PowerFleet by 76.9% during the first quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after buying an additional 4,883 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Weiss Ratings lowered PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Northland Securities set a $7.00 price objective on shares of PowerFleet in a report on Tuesday. UBS Group set a $7.00 target price on shares of PowerFleet in a research report on Tuesday, June 16th. Raymond James Financial downgraded shares of PowerFleet from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.40.

PowerFleet Stock Performance

Shares of AIOT stock opened at $3.14 on Thursday. The company has a current ratio of 1.13, a quick ratio of 0.99 and a debt-to-equity ratio of 0.48. The company has a market cap of $421.48 million, a PE ratio of -22.43 and a beta of 1.43. The company’s fifty day simple moving average is $4.02 and its 200-day simple moving average is $3.73. PowerFleet, Inc. has a 52 week low of $2.78 and a 52 week high of $5.88.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. The firm had revenue of $110.79 million during the quarter, compared to analysts’ expectations of $115.54 million. As a group, equities research analysts anticipate that PowerFleet, Inc. will post 0.16 EPS for the current year.

PowerFleet declared that its board has approved a stock repurchase program on Tuesday, June 30th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

PowerFleet Company Profile

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.