Wasatch Advisors LP Increases Stock Position in PowerFleet, Inc. $AIOT

Wasatch Advisors LP boosted its position in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 16.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,608,977 shares of the company’s stock after purchasing an additional 367,248 shares during the period. Wasatch Advisors LP’s holdings in PowerFleet were worth $9,992,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AIOT. Hurley Capital LLC acquired a new position in PowerFleet in the 4th quarter worth $32,000. Kemnay Advisory Services Inc. acquired a new stake in shares of PowerFleet during the fourth quarter worth approximately $48,000. MGO One Seven LLC bought a new stake in shares of PowerFleet in the fourth quarter worth $55,000. Krilogy Financial LLC bought a new stake in shares of PowerFleet in the fourth quarter worth $58,000. Finally, Royal Bank of Canada raised its holdings in PowerFleet by 76.9% in the first quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock valued at $34,000 after acquiring an additional 4,883 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Stock Up 10.6%

AIOT stock opened at $3.14 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.99. PowerFleet, Inc. has a 1-year low of $2.78 and a 1-year high of $5.88. The firm has a fifty day moving average price of $4.02 and a two-hundred day moving average price of $3.73. The firm has a market cap of $421.48 million, a price-to-earnings ratio of -22.43 and a beta of 1.43.

PowerFleet (NASDAQ:AIOT) last issued its earnings results on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. The company had revenue of $110.79 million for the quarter, compared to analysts’ expectations of $115.54 million. Research analysts predict that PowerFleet, Inc. will post 0.16 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AIOT shares. Craig Hallum decreased their price objective on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday. Weiss Ratings cut shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Raymond James Financial lowered PowerFleet from an “outperform” rating to a “market perform” rating in a report on Tuesday. Finally, Northland Securities set a $7.00 price objective on PowerFleet in a research note on Tuesday. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, PowerFleet has a consensus rating of “Hold” and a consensus price target of $7.40.

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.