Powerfleet (NASDAQ:AIOT) Sets New 52-Week Low on Analyst Downgrade

Powerfleet, Inc. (NASDAQ:AIOT) shares hit a new 52-week low during trading on Wednesday after Raymond James lowered their price target on the stock from $10.00 to $8.00. Raymond James currently has an outperform rating on the stock. Powerfleet traded as low as $4.86 and last traded at $5.04, with a volume of 790656 shares trading hands. The stock had previously closed at $5.11.

AIOT has been the subject of several other reports. Barrington Research reiterated an “outperform” rating and set a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 13th. Northland Securities lifted their price target on Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. Finally, Lake Street Capital increased their price objective on shares of Powerfleet from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $11.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Capital Management LLC bought a new position in Powerfleet during the fourth quarter valued at approximately $45,504,000. Vanguard Group Inc. bought a new position in Powerfleet during the fourth quarter valued at $43,134,000. AWM Investment Company Inc. bought a new stake in Powerfleet during the fourth quarter worth approximately $31,000,000. Ontario Teachers Pension Plan Board bought a new position in Powerfleet during the fourth quarter valued at $28,543,000. Finally, 325 Capital LLC purchased a new position in shares of Powerfleet during the fourth quarter valued at approximately $24,737,000. Institutional investors own 73.40% of the company’s stock.

Powerfleet Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.21 and a quick ratio of 1.02. The firm’s 50-day simple moving average is $5.49 and its 200-day simple moving average is $6.07.

Powerfleet (NASDAQ:AIOT) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). As a group, research analysts expect that Powerfleet, Inc. will post -0.32 earnings per share for the current fiscal year.

About Powerfleet

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.