PowerFleet (NASDAQ:PWFL) Downgraded to Sell at Zacks Investment Research

PowerFleet (NASDAQ:PWFLGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “PowerFleet Inc. is a provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo and vehicles and truck fleets. Its brand consists of PowerFleet, Pointer and Cellocator. PowerFleet Inc., formerly known as I.D. Systems, is headquartered in Woodcliff Lake, New Jersey. “

A number of other research firms have also recently commented on PWFL. Canaccord Genuity Group dropped their target price on PowerFleet from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, March 10th. Barrington Research cut PowerFleet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 10th. Lake Street Capital dropped their target price on PowerFleet from $9.00 to $7.00 in a research report on Thursday, March 10th. StockNews.com started coverage on PowerFleet in a research report on Saturday. They set a “hold” rating on the stock. Finally, Canaccord Genuity Group decreased their price target on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, May 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $7.33.

PWFL traded up $0.04 during midday trading on Tuesday, hitting $2.30. 33,640 shares of the company were exchanged, compared to its average volume of 110,009. The company’s 50 day simple moving average is $2.85 and its 200 day simple moving average is $4.04. The firm has a market capitalization of $83.12 million, a price-to-earnings ratio of -4.11 and a beta of 1.72. The company has a current ratio of 1.91, a quick ratio of 1.45 and a debt-to-equity ratio of 0.18. PowerFleet has a 1-year low of $2.16 and a 1-year high of $7.74.

PowerFleet (NASDAQ:PWFLGet Rating) last announced its quarterly earnings results on Wednesday, March 9th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). PowerFleet had a negative return on equity of 15.11% and a negative net margin of 11.07%. The company had revenue of $34.42 million for the quarter, compared to analyst estimates of $31.45 million. On average, equities analysts anticipate that PowerFleet will post -0.32 EPS for the current year.

In other PowerFleet news, Director Charles Frumberg sold 11,716 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $2.24, for a total value of $26,243.84. Following the transaction, the director now directly owns 27,699 shares of the company’s stock, valued at approximately $62,045.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Brodsky bought 18,226 shares of the firm’s stock in a transaction on Tuesday, March 15th. The stock was acquired at an average cost of $2.91 per share, for a total transaction of $53,037.66. The disclosure for this purchase can be found here. Company insiders own 10.24% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lynrock Lake LP lifted 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 worth $16,974,000 after purchasing an additional 1,627,745 shares in the last quarter. Private Capital Management LLC raised its position in shares of PowerFleet by 57.3% during the 4th quarter. Private Capital Management LLC now owns 2,087,398 shares of the company’s stock valued at $9,894,000 after buying an additional 760,602 shares during the period. Vanguard Group Inc. raised its position in shares of PowerFleet by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 1,577,760 shares of the company’s stock valued at $4,686,000 after buying an additional 43,027 shares during the period. Royce & Associates LP raised its position in shares of PowerFleet by 1.7% during the 1st quarter. Royce & Associates LP now owns 1,197,534 shares of the company’s stock valued at $3,557,000 after buying an additional 20,000 shares during the period. Finally, 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. 68.25% of the stock is currently owned by institutional investors and hedge funds.

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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