PowerFleet, Inc. $AIOT Holdings Raised by Connors Investor Services Inc.

Connors Investor Services Inc. grew its position in PowerFleet, Inc. (NASDAQ:AIOT) by 42.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,000 shares of the company’s stock after acquiring an additional 14,000 shares during the quarter. Connors Investor Services Inc.’s holdings in PowerFleet were worth $203,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Inspire Investing LLC increased its holdings in shares of PowerFleet by 43.6% in the 2nd quarter. Inspire Investing LLC now owns 89,387 shares of the company’s stock valued at $385,000 after acquiring an additional 27,134 shares during the last quarter. ABS Direct Equity Fund LLC bought a new stake in shares of PowerFleet in the 2nd quarter valued at approximately $646,000. Bfsg LLC increased its holdings in shares of PowerFleet by 41.1% in the 2nd quarter. Bfsg LLC now owns 39,170 shares of the company’s stock valued at $169,000 after acquiring an additional 11,404 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of PowerFleet by 15.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock valued at $5,739,000 after acquiring an additional 138,856 shares during the last quarter. Finally, Strs Ohio acquired a new position in PowerFleet during the 1st quarter valued at approximately $318,000. 73.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at PowerFleet

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AIOT. Wall Street Zen lowered PowerFleet from a “hold” rating to a “sell” rating in a research report on Sunday, October 12th. Zacks Research upgraded PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Barrington Research restated an “outperform” rating and set a $15.00 price objective on shares of PowerFleet in a research report on Tuesday, September 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of PowerFleet in a research report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, PowerFleet has an average rating of “Moderate Buy” and a consensus price target of $10.50.

PowerFleet Trading Down 3.6%

Shares of AIOT stock opened at $5.14 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07. PowerFleet, Inc. has a 1 year low of $3.70 and a 1 year high of $8.71. The stock has a fifty day moving average of $5.03 and a two-hundred day moving average of $4.82. The firm has a market capitalization of $685.88 million, a PE ratio of -17.13 and a beta of 1.32.

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.