867,298 Shares in Powerfleet, Inc. (NASDAQ:AIOT) Acquired by Northern Trust Corp

Northern Trust Corp acquired a new stake in Powerfleet, Inc. (NASDAQ:AIOT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 867,298 shares of the company’s stock, valued at approximately $5,776,000. Northern Trust Corp owned about 0.65% of Powerfleet as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signaturefd LLC acquired a new stake in Powerfleet during the 4th quarter worth $25,000. Spire Wealth Management acquired a new stake in Powerfleet during the 4th quarter worth $55,000. Legal & General Group Plc acquired a new stake in Powerfleet during the 4th quarter worth $58,000. Summit Investment Advisors Inc. acquired a new stake in Powerfleet during the 4th quarter worth $59,000. Finally, Private Advisor Group LLC acquired a new stake in Powerfleet during the 4th quarter worth $68,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Powerfleet Stock Down 0.7%

NASDAQ:AIOT opened at $5.90 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. The company’s 50-day moving average is $5.28 and its two-hundred day moving average is $6.10. Powerfleet, Inc. has a 1-year low of $3.70 and a 1-year high of $8.71.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AIOT. Lake Street Capital lifted their target price on shares of Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Barrington Research reaffirmed an “outperform” rating and set a $15.00 target price on shares of Powerfleet in a research note on Thursday, February 13th. Northland Securities boosted their price target on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Tuesday, February 11th. Finally, Raymond James dropped their price objective on shares of Powerfleet from $10.00 to $8.00 and set an “outperform” rating for the company in a report on Tuesday, April 29th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $11.25.

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.