PowerFleet, Inc. $AIOT Shares Sold by Hodges Capital Management Inc.

Hodges Capital Management Inc. decreased its position in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 9.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,079,898 shares of the company’s stock after selling 119,179 shares during the period. Hodges Capital Management Inc.’s holdings in PowerFleet were worth $4,654,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Virtu Financial LLC purchased a new stake in PowerFleet during the first quarter worth about $62,000. Spire Wealth Management boosted its stake in shares of PowerFleet by 39.6% in the second quarter. Spire Wealth Management now owns 12,750 shares of the company’s stock valued at $55,000 after purchasing an additional 3,620 shares during the period. Landscape Capital Management L.L.C. acquired a new position in shares of PowerFleet in the first quarter valued at approximately $78,000. Teacher Retirement System of Texas purchased a new stake in PowerFleet during the 1st quarter worth approximately $95,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in PowerFleet during the 1st quarter worth approximately $120,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at PowerFleet

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

Analyst Upgrades and Downgrades

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

PowerFleet Stock Performance

Shares of AIOT stock opened at $4.89 on Monday. The company has a market cap of $652.54 million, a P/E ratio of -16.30 and a beta of 1.35. The firm has a fifty day moving average price of $5.15 and a 200 day moving average price of $4.85. 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 12 month low of $3.70 and a 12 month high of $8.71.

PowerFleet (NASDAQ:AIOT) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). PowerFleet had a negative net margin of 9.95% and a negative return on equity of 8.56%. PowerFleet has set its FY 2025 guidance at EPS. Sell-side analysts predict that PowerFleet, Inc. will post -0.32 earnings per share for the current fiscal year.

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.