PowerFleet, Inc. (NASDAQ:AIOT) Given Average Recommendation of “Hold” by Brokerages

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have been assigned an average recommendation of “Hold” from the five research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $9.6667.

A number of research analysts have commented on AIOT shares. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings lowered PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. UBS Group set a $7.00 price objective on PowerFleet in a report on Tuesday, June 16th. Finally, 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 report on Tuesday, June 16th.

Hedge Funds Weigh In On PowerFleet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP raised its position in shares of PowerFleet by 16.4% during the 2nd quarter. Wasatch Advisors LP now owns 2,608,977 shares of the company’s stock valued at $9,992,000 after acquiring an additional 367,248 shares during the last quarter. Bank of America Corp DE boosted its position in shares of PowerFleet by 45.0% in the 1st quarter. Bank of America Corp DE now owns 298,062 shares of the company’s stock worth $918,000 after purchasing an additional 92,454 shares during the last quarter. Royal Bank of Canada boosted its position in shares of PowerFleet by 76.9% in the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after purchasing an additional 4,883 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of PowerFleet by 1,644.7% during the first quarter. Renaissance Technologies LLC now owns 1,530,725 shares of the company’s stock worth $4,715,000 after purchasing an additional 1,442,989 shares during the period. Finally, Bandera Partners LLC grew its stake in shares of PowerFleet by 26.6% during the first quarter. Bandera Partners LLC now owns 2,381,666 shares of the company’s stock worth $7,336,000 after purchasing an additional 500,000 shares during the period. 73.40% of the stock is owned by institutional investors.

PowerFleet Price Performance

NASDAQ:AIOT traded down $0.04 during mid-day trading on Friday, reaching $4.24. 702,585 shares of the company were exchanged, compared to its average volume of 1,733,337. 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 stock has a market cap of $568.93 million, a PE ratio of -26.50 and a beta of 1.42. PowerFleet has a 12 month low of $2.78 and a 12 month high of $5.88. The company has a fifty day moving average of $3.77 and a 200 day moving average of $3.98.

PowerFleet (NASDAQ:AIOT) last announced its 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 for the quarter, compared to analyst estimates of $112.98 million. During the same period in the prior year, the business earned ($0.09) earnings per share. On average, research analysts anticipate that PowerFleet will post 0.17 EPS for the current fiscal year.

PowerFleet announced that its board has authorized a share buyback program on Tuesday, June 30th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to purchase up to 6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

About PowerFleet

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.