PowerFleet (NASDAQ:AIOT) Shares Gap Up – Here’s What Happened

PowerFleet, Inc. (NASDAQ:AIOT) gapped up prior to trading on Monday . The stock had previously closed at $4.89, but opened at $5.53. PowerFleet shares last traded at $5.2270, with a volume of 1,095,873 shares trading hands.

Analyst Ratings Changes

A number of brokerages have issued reports on AIOT. Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Wall Street Zen lowered PowerFleet from a “hold” rating to a “sell” rating in a research note on Sunday, November 2nd. Barrington Research reiterated an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a report on Friday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $10.50.

PowerFleet Price Performance

The company’s 50-day moving average is $5.15 and its 200-day moving average is $4.85. The firm has a market capitalization of $698.57 million, a price-to-earnings ratio of -17.42 and a beta of 1.35. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92.

PowerFleet (NASDAQ:AIOT) last announced 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. On average, research analysts expect that PowerFleet, Inc. will post -0.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Michael J. Mcconnell purchased 10,000 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the transaction, the director owned 28,028 shares of the company’s stock, valued at $130,049.92. This trade represents a 55.47% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steven Mark Towe acquired 23,157 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average cost of $4.42 per share, with a total value of $102,353.94. Following the completion of the acquisition, the chief executive officer directly owned 2,457,923 shares in the company, valued at approximately $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 6.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PowerFleet

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in PowerFleet by 3.8% during the first quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company’s stock valued at $36,923,000 after acquiring an additional 248,914 shares in the last quarter. Voss Capital LP grew its holdings in PowerFleet by 104.3% in the 2nd quarter. Voss Capital LP now owns 5,559,491 shares of the company’s stock valued at $23,961,000 after buying an additional 2,838,900 shares during the last quarter. Private Management Group Inc. increased its position in PowerFleet by 29.3% in the 2nd quarter. Private Management Group Inc. now owns 4,884,151 shares of the company’s stock worth $21,051,000 after buying an additional 1,105,673 shares during the period. CenterBook Partners LP increased its position in PowerFleet by 40.4% in the 2nd quarter. CenterBook Partners LP now owns 4,040,568 shares of the company’s stock worth $17,415,000 after buying an additional 1,162,742 shares during the period. Finally, Royce & Associates LP lifted its holdings in shares of PowerFleet by 1.3% during the first quarter. Royce & Associates LP now owns 3,724,995 shares of the company’s stock worth $20,450,000 after buying an additional 48,240 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Company Profile

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.