PowerFleet (NASDAQ:PWFL) Price Target Cut to $6.00

PowerFleet (NASDAQ:PWFLGet Rating) had its price objective dropped by Canaccord Genuity Group from $9.00 to $6.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 156.41% from the stock’s current price.

A number of other research analysts have also weighed in on PWFL. Barrington Research lowered shares of PowerFleet from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Canaccord Genuity Group decreased their price target on shares of PowerFleet from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Thursday, March 10th. Lake Street Capital decreased their price target on shares of PowerFleet from $9.00 to $7.00 in a research note on Thursday, March 10th. Zacks Investment Research raised shares of PowerFleet from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, StockNews.com started coverage on shares of PowerFleet in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, PowerFleet presently has a consensus rating of “Hold” and a consensus price target of $7.33.

NASDAQ:PWFL opened at $2.34 on Wednesday. PowerFleet has a 52 week low of $2.32 and a 52 week high of $7.74. The company has a quick ratio of 1.57, a current ratio of 1.99 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $84.58 million, a PE ratio of -4.42 and a beta of 1.72. The stock’s 50-day moving average price is $2.97 and its 200-day moving average price is $4.35.

PowerFleet (NASDAQ:PWFLGet Rating) last posted its earnings results on Wednesday, March 9th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.14). The business had revenue of $34.42 million for the quarter, compared to analyst estimates of $31.45 million. PowerFleet had a negative net margin of 10.53% and a negative return on equity of 13.41%. Sell-side analysts expect that PowerFleet will post -0.32 earnings per share for the current fiscal year.

In other news, Director Michael Brodsky purchased 18,226 shares of PowerFleet stock in a transaction dated Tuesday, March 15th. The shares were purchased at an average price of $2.91 per share, with a total value of $53,037.66. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Steven Mark Towe purchased 31,754 shares of PowerFleet stock in a transaction dated Wednesday, March 16th. The shares were purchased at an average cost of $3.15 per share, for a total transaction of $100,025.10. The disclosure for this purchase can be found here. Company insiders own 10.24% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PWFL. Morgan Stanley raised its position in shares of PowerFleet by 63.9% during the 2nd 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. Geode Capital Management LLC raised its position in shares of PowerFleet by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 317,219 shares of the company’s stock valued at $2,125,000 after buying an additional 5,604 shares during the period. 1492 Capital Management LLC raised its position in shares of PowerFleet by 1.6% during the 3rd quarter. 1492 Capital Management LLC now owns 281,353 shares of the company’s stock valued at $1,885,000 after buying an additional 4,349 shares during the period. Brandywine Global Investment Management LLC raised its position in shares of PowerFleet by 81.0% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 902,700 shares of the company’s stock valued at $6,048,000 after buying an additional 403,926 shares during the period. Finally, Jump Financial LLC purchased a new stake in shares of PowerFleet during the 3rd quarter valued at approximately $70,000. 68.25% of the stock is currently owned by hedge funds and other institutional investors.

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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