29,000 Shares in PowerFleet, Inc. $AIOT Bought by Pekin Hardy Strauss Inc.

Pekin Hardy Strauss Inc. acquired a new stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,000 shares of the company’s stock, valued at approximately $125,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Teacher Retirement System of Texas bought a new stake in shares of PowerFleet during the 1st quarter valued at about $95,000. Bank of New York Mellon Corp boosted its holdings in shares of PowerFleet by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 268,639 shares of the company’s stock worth $1,475,000 after buying an additional 21,785 shares during the last quarter. Brown Advisory Inc. bought a new stake in PowerFleet during the first quarter valued at approximately $240,000. Arizona State Retirement System bought a new stake in PowerFleet during the first quarter valued at approximately $187,000. Finally, Schwarz Dygos Wheeler Investment Advisors LLC purchased a new stake in PowerFleet during the first quarter valued at approximately $2,668,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

PowerFleet Stock Performance

AIOT opened at $4.89 on Friday. The firm has a market cap of $652.54 million, a P/E ratio of -16.30 and a beta of 1.35. PowerFleet, Inc. has a 1-year low of $3.70 and a 1-year high of $8.71. The company has a 50 day simple moving average of $5.15 and a two-hundred day simple moving average of $4.85. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92.

Insiders Place Their Bets

In other news, Director Michael J. Mcconnell bought 10,000 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were bought at an average price of $4.64 per share, for a total transaction of $46,400.00. Following the purchase, the director owned 28,028 shares in the company, valued at $130,049.92. This represents a 55.47% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steven Mark Towe bought 23,157 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was purchased 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 in the company, valued at $10,864,019.66. This trade represents a 0.95% increase in their position. The disclosure for this purchase is available in the SEC filing. 6.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Barrington Research reiterated an “outperform” rating and set a $15.00 price target on shares of PowerFleet in a research note on Friday. Zacks Research raised PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Wall Street Zen downgraded PowerFleet from a “hold” rating to a “sell” rating in a research report on Sunday, November 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.50.

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.