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

PowerFleet, Inc. (NASDAQ:AIOT) has received an average rating of “Hold” from the six analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $7.40.

Several brokerages have issued reports on AIOT. UBS Group set a $7.00 target price on PowerFleet in a research note on Tuesday, June 16th. Weiss Ratings downgraded PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Barrington Research set a $10.00 price objective on PowerFleet in a research note on Monday. Finally, Raymond James Financial downgraded shares of PowerFleet from an “outperform” rating to a “market perform” rating in a report on Tuesday.

PowerFleet Trading Up 10.6%

Shares of AIOT stock opened at $3.14 on Thursday. The company has a 50 day moving average of $4.02 and a 200-day moving average of $3.73. The company has a quick ratio of 0.99, a current ratio of 1.13 and a debt-to-equity ratio of 0.48. PowerFleet has a 12-month low of $2.78 and a 12-month high of $5.88. The firm has a market cap of $421.48 million, a P/E ratio of -22.43 and a beta of 1.43.

PowerFleet (NASDAQ:AIOT) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%.The business had revenue of $110.79 million for the quarter, compared to the consensus estimate of $115.54 million. Sell-side analysts anticipate that PowerFleet will post 0.16 earnings per share for the current year.

PowerFleet declared that its board has authorized a stock repurchase program on Tuesday, June 30th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to buy up to 6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of PowerFleet

A number of institutional investors have recently modified their holdings of AIOT. State of Wyoming purchased a new position in PowerFleet in the 2nd quarter valued at approximately $27,000. Hurley Capital LLC purchased a new stake in shares of PowerFleet during the fourth quarter worth $32,000. Royal Bank of Canada lifted its position in shares of PowerFleet by 76.9% during the first quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after acquiring an additional 4,883 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new position in shares of PowerFleet in the first quarter worth $35,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of PowerFleet in the fourth quarter worth $48,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.