Barrington Research Lowers PowerFleet (NASDAQ:PWFL) to Market Perform

PowerFleet (NASDAQ:PWFLGet Rating) was downgraded by equities research analysts at Barrington Research from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday, Briefing.com reports.

A number of other equities research analysts have also recently weighed in on the stock. Lake Street Capital reduced their price target on shares of PowerFleet from $9.00 to $7.00 in a research report on Thursday, March 10th. Canaccord Genuity Group reduced their price target on shares of PowerFleet from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, March 10th. Canaccord Genuity Group reduced their price target on shares of PowerFleet from $12.00 to $9.00 in a research report on Thursday, March 10th. StockNews.com began coverage on shares of PowerFleet in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Zacks Investment Research cut shares of PowerFleet from a “hold” rating to a “sell” rating in a report on Wednesday, March 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, PowerFleet currently has a consensus rating of “Hold” and a consensus target price of $8.33.

Shares of PowerFleet stock traded down $0.27 during trading on Tuesday, hitting $2.57. 300 shares of the stock were exchanged, compared to its average volume of 114,877. The stock has a market cap of $92.44 million, a price-to-earnings ratio of -4.85 and a beta of 1.72. The firm’s 50-day moving average price is $3.00 and its 200 day moving average price is $4.36. PowerFleet has a 12-month low of $2.53 and a 12-month high of $7.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.99 and a quick ratio of 1.57.

PowerFleet (NASDAQ:PWFLGet Rating) last released its quarterly earnings data on Wednesday, March 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The firm had revenue of $34.42 million for the quarter, compared to analysts’ expectations of $31.45 million. PowerFleet had a negative return on equity of 13.41% and a negative net margin of 10.53%. As a group, research analysts forecast that PowerFleet will post -0.32 earnings per share for the current year.

In related news, CEO Steven Mark Towe bought 31,754 shares of the stock in a transaction on Wednesday, March 16th. The shares were bought at an average cost of $3.15 per share, for a total transaction of $100,025.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Brodsky purchased 18,226 shares of the stock in a transaction dated Tuesday, March 15th. The stock was acquired at an average price of $2.91 per share, for a total transaction of $53,037.66. The disclosure for this purchase can be found here. Insiders own 10.24% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. acquired a new stake in shares of PowerFleet in the fourth quarter valued at approximately $66,000. Jump Financial LLC purchased a new position in shares of PowerFleet during the third quarter valued at approximately $70,000. Citadel Advisors LLC lifted its stake in shares of PowerFleet by 954.1% during the fourth quarter. Citadel Advisors LLC now owns 28,766 shares of the company’s stock valued at $136,000 after buying an additional 26,037 shares during the period. Morgan Stanley lifted its stake in shares of PowerFleet by 63.9% during the second quarter. Morgan Stanley now owns 19,652 shares of the company’s stock valued at $142,000 after buying an additional 7,661 shares during the period. Finally, Precision Wealth Strategies LLC lifted its stake in shares of PowerFleet by 9.9% during the first quarter. Precision Wealth Strategies LLC now owns 53,870 shares of the company’s stock valued at $160,000 after buying an additional 4,856 shares during the period. Institutional investors and hedge funds own 68.25% of the company’s stock.

PowerFleet Company Profile (Get Rating)

PowerFleet, Inc provides wireless Internet-of-Things asset management solutions in the United States, Israel, and internationally. The company offers real-time intelligence for organizations to capture IoT data from various types of assets with devices and sensors to increase efficiencies, and improve safety and security, as well as increase their profitability in easy-to-understand reports, dashboards, and real-time alerts; and application programming interfaces for additional integrations and development to boost other enterprise management systems and third-party applications.

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