PowerFleet, Inc. (NASDAQ:AIOT) Sees Large Decrease in Short Interest

PowerFleet, Inc. (NASDAQ:AIOT) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 12,937,636 shares, a decrease of 13.8% from the March 15th total of 15,007,513 shares. Based on an average daily trading volume, of 2,047,734 shares, the days-to-cover ratio is presently 6.3 days. Approximately 10.3% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AIOT shares. Wall Street Zen cut PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. Weiss Ratings upgraded PowerFleet from a “sell (d-)” rating to a “hold (c-)” rating in a report on Tuesday, February 10th. Finally, Barrington Research reiterated an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a report on Friday, February 6th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $10.33.

Institutional Trading of PowerFleet

A number of institutional investors have recently modified their holdings of AIOT. State of Alaska Department of Revenue bought a new stake in shares of PowerFleet in the 3rd quarter valued at about $31,000. Hurley Capital LLC bought a new stake in shares of PowerFleet in the 4th quarter valued at about $32,000. CWM LLC boosted its holdings in shares of PowerFleet by 784.9% in the 3rd quarter. CWM LLC now owns 6,203 shares of the company’s stock valued at $33,000 after buying an additional 5,502 shares in the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of PowerFleet in the 4th quarter valued at about $48,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of PowerFleet by 100.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock valued at $51,000 after buying an additional 5,904 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

PowerFleet Trading Up 3.3%

Shares of NASDAQ AIOT opened at $3.43 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.09 and a quick ratio of 0.96. The stock has a market capitalization of $460.13 million, a P/E ratio of -14.91 and a beta of 1.40. PowerFleet has a 1-year low of $2.78 and a 1-year high of $6.07. The business has a fifty day moving average price of $3.35 and a 200 day moving average price of $4.55.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, February 9th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $113.49 million for the quarter, compared to analysts’ expectations of $111.69 million. PowerFleet had a negative return on equity of 5.23% and a negative net margin of 7.00%. Equities research analysts expect that PowerFleet will post -0.32 EPS for the current fiscal year.

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.