Geode Capital Management LLC Acquires New Stake in Powerfleet, Inc. (NASDAQ:AIOT)

Geode Capital Management LLC bought a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,392,562 shares of the company’s stock, valued at approximately $15,938,000. Geode Capital Management LLC owned approximately 1.81% of Powerfleet at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of AIOT. Signaturefd LLC bought a new position in shares of Powerfleet during the fourth quarter worth about $25,000. Financial Management Professionals Inc. bought a new position in shares of Powerfleet during the 4th quarter worth approximately $50,000. Spire Wealth Management bought a new position in shares of Powerfleet during the 4th quarter worth approximately $55,000. Private Advisor Group LLC acquired a new stake in shares of Powerfleet in the fourth quarter valued at approximately $68,000. Finally, HighTower Advisors LLC bought a new stake in shares of Powerfleet in the fourth quarter worth $84,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Powerfleet Price Performance

NASDAQ AIOT opened at $4.77 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. The firm’s fifty day moving average price is $6.02 and its two-hundred day moving average price is $6.10. Powerfleet, Inc. has a 1 year low of $3.70 and a 1 year high of $8.71.

Powerfleet (NASDAQ:AIOT) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13). Equities research analysts expect that Powerfleet, Inc. will post -0.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on AIOT. Northland Securities lifted their price target on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. Lake Street Capital raised their price objective on Powerfleet from $7.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, Barrington Research reiterated an “outperform” rating and set a $15.00 target price on shares of Powerfleet in a report on Thursday, February 13th.

Powerfleet Company Profile

PowerFleet, Inc engages in the provision of fleet management solutions for logistics, industrial, and vehicles. It offers wireless Internet of Things and machine to machine solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets.