Nuveen LLC Purchases New Position in PowerFleet, Inc. $AIOT

Nuveen LLC purchased a new stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 953,132 shares of the company’s stock, valued at approximately $5,233,000. Nuveen LLC owned approximately 0.72% of PowerFleet as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AIOT. JPMorgan Chase & Co. bought a new stake in shares of PowerFleet during the fourth quarter valued at approximately $694,000. Wells Fargo & Company MN purchased a new stake in PowerFleet in the fourth quarter worth approximately $369,000. Legal & General Group Plc purchased a new stake in PowerFleet in the fourth quarter worth approximately $58,000. Dimensional Fund Advisors LP purchased a new stake in PowerFleet in the fourth quarter worth approximately $7,285,000. Finally, MetLife Investment Management LLC purchased a new stake in PowerFleet in the fourth quarter worth approximately $381,000. Institutional investors own 73.40% of the company’s stock.

PowerFleet Trading Down 1.7%

Shares of AIOT stock opened at $4.64 on Tuesday. PowerFleet, Inc. has a 1 year low of $3.70 and a 1 year high of $8.71. The firm has a fifty day moving average price of $4.37 and a 200-day moving average price of $5.20. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92. The company has a market cap of $619.16 million, a price-to-earnings ratio of -15.47 and a beta of 1.35.

Insiders Place Their Bets

In other PowerFleet news, Director Michael J. Mcconnell acquired 10,000 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was purchased at an average price of $4.64 per share, with a total value of $46,400.00. Following the transaction, the director directly owned 28,028 shares in the company, valued at approximately $130,049.92. The trade was a 55.47% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven Mark Towe bought 23,157 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average price of $4.42 per share, for a total transaction of $102,353.94. Following the purchase, the chief executive officer owned 2,457,923 shares in the company, valued at $10,864,019.66. This represents a 0.95% increase in their position. The disclosure for this purchase can be found here. Insiders own 6.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AIOT. Barrington Research restated an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a report on Friday. Raymond James Financial dropped 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. Zacks Research cut shares of PowerFleet from a “hold” rating to a “strong sell” rating in a report on Friday, August 15th. Lake Street Capital set a $8.00 target price on shares of PowerFleet and gave the stock a “buy” rating in a report on Tuesday, May 27th. Finally, Wall Street Zen cut shares of PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, PowerFleet 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.