Millennium Management LLC Makes New $1.69 Million Investment in Powerfleet, Inc. (NASDAQ:AIOT)

Millennium Management LLC purchased a new stake in Powerfleet, Inc. (NASDAQ:AIOT) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 253,064 shares of the company’s stock, valued at approximately $1,685,000. Millennium Management LLC owned about 0.19% of Powerfleet as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the business. Signaturefd LLC purchased a new stake in shares of Powerfleet during the 4th quarter valued at $25,000. Comerica Bank purchased a new stake in shares of Powerfleet during the 4th quarter valued at $42,000. Spire Wealth Management purchased a new stake in shares of Powerfleet during the 4th quarter valued at $55,000. Legal & General Group Plc purchased a new stake in shares of Powerfleet during the 4th quarter valued at $58,000. Finally, Summit Investment Advisors Inc. acquired a new position in shares of Powerfleet during the 4th quarter valued at $59,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Powerfleet Trading Down 1.3%

AIOT stock opened at $4.49 on Tuesday. Powerfleet, Inc. has a 12-month low of $3.70 and a 12-month high of $8.71. 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 has a 50 day moving average of $5.09 and a two-hundred day moving average of $6.07.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Raymond James reduced their target price on shares of Powerfleet from $10.00 to $8.00 and set an “outperform” rating on the stock in a report on Tuesday, April 29th. Barrington Research reiterated an “outperform” rating and issued a $15.00 price objective on shares of Powerfleet in a report on Friday, May 23rd. Lake Street Capital set a $8.00 price objective on shares of Powerfleet and gave the stock a “buy” rating in a report on Tuesday, May 27th. Finally, Northland Securities boosted their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, February 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $10.50.

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.