PowerFleet, Inc. (NASDAQ:AIOT) Stock Has Average Target Price of $7.40

PowerFleet, Inc. (NASDAQ:AIOT) has earned an average recommendation of “Hold” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $7.40.

Several research firms recently issued reports on AIOT. Zacks Research upgraded PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday, October 12th. Raymond James Financial lowered PowerFleet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Craig Hallum dropped their price objective on PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Wall Street Zen downgraded shares of PowerFleet from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Northland Securities set a $7.00 target price on shares of PowerFleet in a research note on Tuesday, August 11th.

Institutional Trading of PowerFleet

A number of institutional investors have recently bought and sold shares of AIOT. Royal Bank of Canada grew its stake in shares of 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 purchasing an additional 4,883 shares during the period. Krilogy Financial LLC increased its holdings in PowerFleet by 18.0% in the third quarter. Krilogy Financial LLC now owns 32,904 shares of the company’s stock valued at $89,000 after purchasing an additional 5,027 shares during the last quarter. Clarus Group Inc. lifted its stake in PowerFleet by 26.7% in the first quarter. Clarus Group Inc. now owns 25,790 shares of the company’s stock valued at $79,000 after buying an additional 5,434 shares during the period. Pinnacle Wealth Management Advisory Group LLC lifted its stake in PowerFleet by 60.3% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 18,115 shares of the company’s stock valued at $69,000 after buying an additional 6,816 shares during the period. Finally, State of Wyoming acquired a new position in PowerFleet in the second quarter valued at about $27,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

PowerFleet Trading Up 1.2%

AIOT opened at $2.62 on Tuesday. PowerFleet has a 1-year low of $2.29 and a 1-year high of $5.88. The stock has a market capitalization of $351.68 million, a PE ratio of -18.71 and a beta of 1.40. The company has a current ratio of 1.10, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $2.85 and a two-hundred day moving average price of $3.41.

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

PowerFleet announced that its board has authorized a share buyback program on Tuesday, June 30th that allows the company to repurchase $30.00 million in shares. This buyback authorization allows the company to reacquire up to 6% of its shares through open market purchases. Share buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.