PowerFleet (NASDAQ:AIOT) Stock Rating Lowered by Wall Street Zen

PowerFleet (NASDAQ:AIOT) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Sunday.

A number of other equities analysts have also issued reports on the stock. Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Barrington Research reiterated an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a research report on Tuesday, September 23rd. Finally, Weiss Ratings reiterated 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 assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.50.

PowerFleet Price Performance

Shares of AIOT stock opened at $5.08 on Friday. PowerFleet has a 1 year low of $3.70 and a 1 year high of $8.71. The firm’s 50 day moving average is $5.14 and its 200-day moving average is $4.85. The firm has a market capitalization of $677.89 million, a price-to-earnings ratio of -16.93 and a beta of 1.32. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51.

Insider Activity at PowerFleet

In other PowerFleet news, CEO Steven Mark Towe acquired 23,157 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the acquisition, the chief executive officer directly owned 2,457,923 shares of the company’s stock, valued at approximately $10,864,019.66. This represents a 0.95% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael J. Mcconnell bought 10,000 shares of the business’s stock in a transaction on Monday, August 18th. The stock was purchased 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 owned 28,028 shares of the company’s stock, valued at approximately $130,049.92. This trade represents a 55.47% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 6.30% of the company’s stock.

Institutional Investors Weigh In On PowerFleet

Hedge funds have recently bought and sold shares of the company. Teacher Retirement System of Texas acquired a new stake in PowerFleet in the first quarter worth $95,000. Corebridge Financial Inc. raised its holdings in PowerFleet by 4.3% in the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company’s stock worth $269,000 after purchasing an additional 2,036 shares during the period. ABS Direct Equity Fund LLC acquired a new stake in PowerFleet in the second quarter worth $646,000. Goldman Sachs Group Inc. raised its holdings in PowerFleet by 15.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock worth $5,739,000 after purchasing an additional 138,856 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of PowerFleet during the first quarter worth $5,233,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.