PowerFleet (NASDAQ:AIOT) Board of Directors Approves Stock Repurchase Plan

PowerFleet (NASDAQ:AIOT) declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 30th, RTT News reports. The company plans to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

PowerFleet Stock Up 1.9%

Shares of AIOT stock traded up $0.07 during mid-day trading on Tuesday, reaching $3.83. 1,234,107 shares of the company’s stock traded hands, compared to its average volume of 1,927,672. PowerFleet has a 12 month low of $2.78 and a 12 month high of $5.88. The company has a market cap of $513.91 million, a P/E ratio of -23.94 and a beta of 1.43. The company has a quick ratio of 0.99, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $3.61 and its 200-day moving average price is $4.03.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings results on Monday, June 15th. The company reported $0.04 earnings per share (EPS) for the quarter. PowerFleet had a negative net margin of 4.63% and a negative return on equity of 1.33%. The company had revenue of $114.49 million during the quarter, compared to analyst estimates of $112.98 million. During the same period last year, the business earned ($0.09) EPS. On average, equities analysts expect that PowerFleet will post 0.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Weiss Ratings lowered shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Raymond James Financial cut their target price on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 16th. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, UBS Group set a $7.00 price target on shares of PowerFleet in a research note on Tuesday, June 16th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.67.

PowerFleet Company Profile

PowerFleet, Inc (NASDAQ: AIOT) develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company’s systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company’s hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.