CenterBook Partners LP Sells 1,003,566 Shares of PowerFleet, Inc. $AIOT

CenterBook Partners LP lowered its holdings in PowerFleet, Inc. (NASDAQ:AIOT) by 24.4% during the third quarter, HoldingsChannel.com reports. The fund owned 3,104,081 shares of the company’s stock after selling 1,003,566 shares during the period. CenterBook Partners LP’s holdings in PowerFleet were worth $8,816,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of PowerFleet during the second quarter valued at approximately $39,489,000. Private Management Group Inc. lifted its holdings in shares of PowerFleet by 4.0% in the 2nd quarter. Private Management Group Inc. now owns 5,731,137 shares of the company’s stock worth $21,950,000 after purchasing an additional 218,615 shares during the last quarter. Pinnacle Associates Ltd. boosted its position in PowerFleet by 7.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 4,280,983 shares of the company’s stock valued at $12,158,000 after purchasing an additional 296,249 shares during the period. Dimensional Fund Advisors LP boosted its position in PowerFleet by 20.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company’s stock valued at $12,718,000 after purchasing an additional 698,112 shares during the period. Finally, AWM Investment Company Inc. bought a new position in PowerFleet during the 2nd quarter worth $14,709,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AIOT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PowerFleet in a research report on Friday, September 11th. Craig Hallum reduced their price target on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Barrington Research set a $10.00 price target on shares of PowerFleet in a research report on Monday, August 10th. Wall Street Zen cut shares of PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 12th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $7.40.

PowerFleet Stock Performance

PowerFleet stock traded up $0.10 during mid-day trading on Friday, hitting $2.69. 1,899,701 shares of the company’s stock traded hands, compared to its average volume of 1,464,870. The firm has a 50 day moving average price of $2.80 and a 200 day moving average price of $3.47. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. The company has a market cap of $361.08 million, a PE ratio of -19.21 and a beta of 1.42. PowerFleet, Inc. has a one year low of $2.29 and a one year high of $5.88.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $110.79 million during the quarter, compared to analyst estimates of $115.54 million. On average, equities analysts forecast that PowerFleet, Inc. will post 0.10 EPS for the current year.

PowerFleet Company Profile

Powerfleet, Inc provides connected-vehicle and asset-management solutions designed to help organizations monitor, manage and optimize mobile assets. Its platform combines Internet of Things (IoT) connectivity, telematics, location tracking and analytics to deliver visibility into vehicles, equipment, cargo and other assets.

The company’s products and services support fleet management, driver safety, vehicle and equipment utilization, maintenance, logistics and supply-chain operations. Powerfleet serves a range of industries, including transportation, logistics, commercial fleets, rental and leasing, construction, manufacturing and other organizations that rely on mobile assets.

Powerfleet has expanded its capabilities through acquisitions and business combinations, including its 2019 acquisition of Pointer Telocation and its 2024 combination with MiX Telematics.