Powerfleet (NASDAQ:AIOT) Shares Gap Down – What’s Next?

Powerfleet, Inc. (NASDAQ:AIOT)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $4.98, but opened at $4.80. Powerfleet shares last traded at $4.89, with a volume of 192,041 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Raymond James decreased their target price on Powerfleet from $10.00 to $8.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. Barrington Research reaffirmed an “outperform” rating and set a $15.00 target price on shares of Powerfleet in a report on Friday. Finally, Lake Street Capital set a $8.00 price target on shares of Powerfleet and gave the stock a “buy” rating in a research note on Tuesday, May 27th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $10.50.

Powerfleet Stock Performance

The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21. The business’s 50 day moving average is $5.03 and its two-hundred day moving average is $5.91.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Private Capital Management LLC bought a new position in shares of Powerfleet during the fourth quarter worth $45,504,000. Vanguard Group Inc. purchased a new stake in Powerfleet in the 4th quarter worth $43,134,000. AWM Investment Company Inc. bought a new position in shares of Powerfleet during the 4th quarter valued at about $31,000,000. Ontario Teachers Pension Plan Board bought a new position in shares of Powerfleet during the 4th quarter valued at about $28,543,000. Finally, 325 Capital LLC purchased a new position in shares of Powerfleet during the fourth quarter valued at about $24,737,000. 73.40% of the stock is currently owned by institutional investors.

Powerfleet Company Profile

PowerFleet, Inc engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets.