Swiss National Bank Buys New Position in PowerFleet, Inc. $AIOT

Swiss National Bank acquired a new position in PowerFleet, Inc. (NASDAQ:AIOT) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 230,500 shares of the company’s stock, valued at approximately $1,265,000. Swiss National Bank owned about 0.17% of PowerFleet at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. NBC Securities Inc. purchased a new position in PowerFleet in the first quarter worth $36,000. Comerica Bank purchased a new position in PowerFleet in the fourth quarter worth $42,000. California State Teachers Retirement System purchased a new position in PowerFleet in the fourth quarter worth $46,000. GAMMA Investing LLC purchased a new position in PowerFleet in the first quarter worth $46,000. Finally, Legal & General Group Plc purchased a new position in PowerFleet in the fourth quarter worth $58,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Activity at PowerFleet

In related news, Director Michael J. Mcconnell acquired 10,000 shares of PowerFleet stock in a transaction that occurred on Monday, August 18th. The stock was bought 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. This represents a 55.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven Mark Towe acquired 23,157 shares of PowerFleet stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average cost of $4.42 per share, with a total value of $102,353.94. Following the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. 6.30% of the stock is currently owned by corporate insiders.

PowerFleet Trading Down 1.7%

NASDAQ:AIOT opened at $4.64 on Tuesday. PowerFleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71. The stock has a market cap of $619.16 million, a price-to-earnings ratio of -15.47 and a beta of 1.35. The company has a 50-day moving average price of $4.37 and a 200-day moving average price of $5.20. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51.

Analysts Set New Price Targets

Several analysts have issued reports on AIOT shares. Wall Street Zen lowered PowerFleet from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Zacks Research lowered PowerFleet from a “hold” rating to a “strong sell” rating in a research note on Friday, August 15th. Barrington Research restated an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a research note on Friday. Raymond James Financial decreased 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. Finally, 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. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.