Brown Advisory Inc. Takes $240,000 Position in PowerFleet, Inc. (NASDAQ:AIOT)

Brown Advisory Inc. purchased a new stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 43,642 shares of the company’s stock, valued at approximately $240,000.

Other hedge funds have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. acquired a new stake in shares of PowerFleet during the first quarter valued at about $172,000. The Manufacturers Life Insurance Company acquired a new stake in shares of PowerFleet during the fourth quarter valued at about $219,000. Legal & General Group Plc acquired a new stake in shares of PowerFleet during the fourth quarter valued at about $58,000. Vanguard Group Inc. acquired a new stake in shares of PowerFleet during the fourth quarter valued at about $43,134,000. Finally, Geode Capital Management LLC acquired a new position in shares of PowerFleet in the fourth quarter worth approximately $15,938,000. 73.40% of the stock is owned by institutional investors and hedge funds.

PowerFleet Price Performance

Shares of AIOT opened at $4.40 on Thursday. PowerFleet, Inc. has a 52-week low of $3.70 and a 52-week high of $8.71. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.00 and a current ratio of 1.12. The business’s 50 day moving average price is $4.80 and its two-hundred day moving average price is $5.56. The firm has a market cap of $586.83 million, a PE ratio of -10.23 and a beta of 1.32.

Wall Street Analyst Weigh In

AIOT has been the topic of a number of recent analyst reports. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of PowerFleet in a research note on Friday, June 13th. Raymond James Financial cut their price objective on PowerFleet from $10.00 to $8.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 29th. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, June 21st. Finally, Lake Street Capital set a $8.00 price objective on PowerFleet and gave the stock a “buy” rating in a research note on Tuesday, May 27th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.50.

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.