Brokerages Set PowerFleet, Inc. (NASDAQ:AIOT) Target Price at $10.50

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have been assigned an average recommendation of “Buy” from the five ratings firms that are covering the stock, Marketbeat reports. Five equities research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have covered the stock in the last year is $10.50.

A number of equities research analysts recently weighed in on the company. Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a “buy” rating in a research note on Tuesday, May 27th. Barrington Research restated an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a research note on Friday, June 13th. Raymond James Financial reduced their target price 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. Finally, Wall Street Zen raised shares of PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, June 21st.

PowerFleet Trading Down 2.4%

PowerFleet stock opened at $4.42 on Wednesday. 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 stock has a 50-day simple moving average of $4.77 and a 200 day simple moving average of $5.53. The stock has a market capitalization of $589.50 million, a P/E ratio of -10.28 and a beta of 1.32. PowerFleet has a 52 week low of $3.70 and a 52 week high of $8.71.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Corebridge Financial Inc. grew its position in PowerFleet by 4.3% during the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company’s stock worth $269,000 after buying an additional 2,036 shares in the last quarter. Inspire Investing LLC lifted its position in shares of PowerFleet by 4.0% during the 1st quarter. Inspire Investing LLC now owns 62,253 shares of the company’s stock valued at $342,000 after acquiring an additional 2,419 shares during the period. Oppenheimer Asset Management Inc. grew its holdings in shares of PowerFleet by 14.7% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company’s stock worth $111,000 after purchasing an additional 2,594 shares in the last quarter. Signaturefd LLC bought a new position in shares of PowerFleet in the fourth quarter worth $25,000. Finally, Comerica Bank bought a new position in shares of PowerFleet in the fourth quarter worth $42,000. 73.40% of the stock is owned by institutional investors.

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.