PowerFleet (NASDAQ:AIOT) Raised to Hold at Zacks Research

PowerFleet (NASDAQ:AIOT) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

AIOT has been the topic of several other research reports. Wall Street Zen cut PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Northland Securities set a $7.00 price objective on PowerFleet in a research note on Tuesday, August 11th. Craig Hallum decreased their target price on PowerFleet from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Barrington Research set a $10.00 target price on PowerFleet in a report on Monday, August 10th. Finally, UBS Group set a $7.00 target price on PowerFleet in a research report on Tuesday, June 16th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $7.40.

PowerFleet Stock Down 1.1%

NASDAQ AIOT opened at $2.69 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.10 and a quick ratio of 0.96. The company’s 50 day simple moving average is $3.00 and its 200 day simple moving average is $3.43. PowerFleet has a 12 month low of $2.55 and a 12 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 1.40.

PowerFleet (NASDAQ:AIOT) last issued its 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. The firm had revenue of $110.79 million during the quarter, compared to analysts’ expectations of $115.54 million. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. Equities research analysts expect that PowerFleet will post 0.10 earnings per share for the current fiscal year.

PowerFleet announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, June 30th that permits the company to buy back $30.00 million in shares. This buyback authorization permits the company to reacquire up to 6% of its stock through open market purchases. Share buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Trading of PowerFleet

Hedge funds and other institutional investors have recently modified their holdings of the business. Krilogy Financial LLC grew its holdings in shares of PowerFleet by 18.0% during the third quarter. Krilogy Financial LLC now owns 32,904 shares of the company’s stock valued at $89,000 after buying an additional 5,027 shares in the last quarter. Kopion Asset Management LLC lifted its stake in PowerFleet by 36.3% in the 3rd quarter. Kopion Asset Management LLC now owns 3,303,859 shares of the company’s stock worth $9,383,000 after acquiring an additional 879,571 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in PowerFleet in the 2nd quarter worth about $62,000. Bienville Capital Management LLC acquired a new stake in PowerFleet during the 2nd quarter worth about $54,000. Finally, WINTON GROUP Ltd acquired a new stake in PowerFleet during the 2nd quarter worth about $525,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

About PowerFleet

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.