Inspire Investing LLC Raises Position in PowerFleet, Inc. $AIOT

Inspire Investing LLC lifted its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 43.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,387 shares of the company’s stock after purchasing an additional 27,134 shares during the period. Inspire Investing LLC’s holdings in PowerFleet were worth $385,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC bought a new stake in PowerFleet during the 1st quarter valued at $46,000. Virtu Financial LLC bought a new stake in PowerFleet during the 1st quarter valued at $62,000. Landscape Capital Management L.L.C. bought a new stake in PowerFleet during the 1st quarter valued at $78,000. Teacher Retirement System of Texas bought a new stake in PowerFleet during the 1st quarter valued at $95,000. Finally, Oppenheimer Asset Management Inc. raised its holdings in PowerFleet by 14.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company’s stock valued at $111,000 after acquiring an additional 2,594 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

PowerFleet Trading Up 1.8%

Shares of AIOT opened at $5.55 on Friday. PowerFleet, Inc. has a 1-year low of $3.70 and a 1-year high of $8.71. The company has a market capitalization of $740.59 million, a P/E ratio of -18.50 and a beta of 1.32. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92. The firm’s 50 day simple moving average is $4.95 and its 200 day simple moving average is $4.81.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Barrington Research reissued an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a report on Tuesday, September 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of PowerFleet from a “hold” rating to a “sell” rating in a report on Sunday, October 12th. Finally, Zacks Research raised shares of PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

PowerFleet 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.