PowerFleet (NASDAQ:PWFL) Downgraded by Barrington Research to “Market Perform”

Barrington Research cut shares of PowerFleet (NASDAQ:PWFLGet Rating) from an outperform rating to a market perform rating in a research report released on Tuesday, Marketbeat Ratings reports.

PWFL has been the subject of a number of other research reports. Canaccord Genuity Group reduced their price target on PowerFleet from $12.00 to $9.00 in a research report on Thursday, March 10th. Lake Street Capital reduced their price target on PowerFleet from $9.00 to $7.00 in a research report on Thursday, March 10th. StockNews.com began coverage on PowerFleet in a research report on Thursday, March 31st. They set a hold rating for the company. Canaccord Genuity Group reduced their price target on PowerFleet from $12.00 to $9.00 and set a buy rating for the company in a research report on Thursday, March 10th. Finally, Zacks Investment Research downgraded PowerFleet from a hold rating to a sell rating in a report on Wednesday, March 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $8.33.

Shares of PWFL opened at $2.34 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.57 and a current ratio of 1.99. The stock has a 50 day simple moving average of $2.97 and a 200 day simple moving average of $4.35. PowerFleet has a 52-week low of $2.32 and a 52-week high of $7.74. The firm has a market capitalization of $84.58 million, a PE ratio of -4.42 and a beta of 1.72.

PowerFleet (NASDAQ:PWFLGet Rating) last issued 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). PowerFleet had a negative net margin of 10.53% and a negative return on equity of 13.41%. The business had revenue of $34.42 million during the quarter, compared to analyst estimates of $31.45 million. Equities research analysts predict that PowerFleet will post -0.32 EPS for the current fiscal year.

In other PowerFleet news, CEO Steven Mark Towe purchased 31,754 shares of the company’s stock in a transaction that occurred on Wednesday, March 16th. The shares were acquired at an average price of $3.15 per share, for a total transaction of $100,025.10. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael Brodsky purchased 18,226 shares of the company’s stock in a transaction that occurred on 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. 10.24% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of PWFL. Lynrock Lake LP raised its stake in PowerFleet by 83.3% in the 4th quarter. Lynrock Lake LP now owns 3,580,966 shares of the company’s stock valued at $16,974,000 after acquiring an additional 1,627,745 shares during the period. Private Capital Management LLC increased its position in PowerFleet by 57.3% during the 4th quarter. Private Capital Management LLC now owns 2,087,398 shares of the company’s stock worth $9,894,000 after buying an additional 760,602 shares during the period. Brandywine Global Investment Management LLC increased its position in PowerFleet by 81.0% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 902,700 shares of the company’s stock worth $6,048,000 after buying an additional 403,926 shares during the period. Royce & Associates LP increased its position in PowerFleet by 18.2% during the 4th quarter. Royce & Associates LP now owns 1,177,534 shares of the company’s stock worth $5,582,000 after buying an additional 181,134 shares during the period. Finally, Potomac Capital Management Inc. bought a new position in PowerFleet during the 4th quarter worth $806,000. Institutional investors and hedge funds own 68.25% of the company’s stock.

About PowerFleet (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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