PowerFleet (NASDAQ:AIOT) Rating Lowered to “Sell” at Wall Street Zen

PowerFleet (NASDAQ:AIOT) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other equities research analysts have also recently weighed in on the company. Lake Street Capital set a $8.00 target price on PowerFleet and gave the stock a “buy” rating in a research note on Tuesday, May 27th. Raymond James Financial decreased their target price on PowerFleet from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Finally, Barrington Research restated an “outperform” rating and set a $15.00 target price on shares of PowerFleet in a research note on Monday, August 11th. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.50.

PowerFleet Stock Performance

Shares of PowerFleet stock opened at $4.57 on Friday. The business has a 50-day simple moving average of $4.41 and a 200-day simple moving average of $5.28. The company has a market cap of $609.82 million, a PE ratio of -15.23 and a beta of 1.35. PowerFleet has a one year low of $3.70 and a one year high of $8.71. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.00 and a current ratio of 1.07.

Insider Activity at PowerFleet

In related news, CEO Steven Mark Towe purchased 23,157 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was acquired at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the purchase, the chief executive officer directly owned 2,457,923 shares of the company’s stock, valued at $10,864,019.66. This trade represents a 0.95% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On PowerFleet

Several large investors have recently modified their holdings of AIOT. Private Capital Management LLC acquired a new position in PowerFleet during the fourth quarter worth $45,504,000. AWM Investment Company Inc. acquired a new position in PowerFleet during the fourth quarter worth $31,000,000. 325 Capital LLC acquired a new position in PowerFleet during the fourth quarter worth $24,737,000. Voss Capital LP grew its holdings in PowerFleet by 104.3% during the second quarter. Voss Capital LP now owns 5,559,491 shares of the company’s stock worth $23,961,000 after acquiring an additional 2,838,900 shares during the period. Finally, CenterBook Partners LP grew its holdings in PowerFleet by 683.8% during the first quarter. CenterBook Partners LP now owns 2,877,826 shares of the company’s stock worth $15,799,000 after acquiring an additional 2,510,674 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.