Driehaus Capital Management LLC Acquires New Position in PowerFleet, Inc. $AIOT

Driehaus Capital Management LLC purchased a new position in PowerFleet, Inc. (NASDAQ:AIOT) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,163,474 shares of the company’s stock, valued at approximately $6,387,000. Driehaus Capital Management LLC owned about 0.88% of PowerFleet as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Comerica Bank purchased a new position in PowerFleet in the fourth quarter worth approximately $42,000. NBC Securities Inc. purchased a new position in PowerFleet in the first quarter worth approximately $36,000. California State Teachers Retirement System purchased a new position in PowerFleet in the fourth quarter worth approximately $46,000. GAMMA Investing LLC purchased a new position in PowerFleet in the first quarter worth approximately $46,000. Finally, Hsbc Holdings PLC purchased a new position in PowerFleet in the fourth quarter worth approximately $75,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AIOT shares. 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. Barrington Research restated an “outperform” rating and set a $15.00 price objective on shares of PowerFleet in a research report on Friday, August 22nd. Zacks Research downgraded shares of PowerFleet from a “hold” rating to a “strong sell” rating in a research report on Friday, August 15th. Finally, Wall Street Zen downgraded shares of PowerFleet from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

Insiders Place Their Bets

In other PowerFleet news, CEO Steven Mark Towe bought 23,157 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $4.42 per share, with a total value of $102,353.94. Following the acquisition, the chief executive officer directly owned 2,457,923 shares of the company’s stock, valued at $10,864,019.66. The trade was a 0.95% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael J. Mcconnell bought 10,000 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was acquired at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the completion of the acquisition, the director directly owned 28,028 shares in the company, valued at approximately $130,049.92. This trade represents a 55.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 6.30% of the company’s stock.

PowerFleet Stock Up 0.2%

Shares of NASDAQ:AIOT opened at $4.67 on Friday. The company has a market capitalization of $623.18 million, a PE ratio of -15.57 and a beta of 1.35. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. PowerFleet, Inc. has a twelve month low of $3.70 and a twelve month high of $8.71. The firm has a 50 day simple moving average of $4.38 and a 200-day simple moving average of $5.13.

About PowerFleet

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.