Raymond James Financial Inc. Has $5.32 Million Holdings in PowerFleet, Inc. $AIOT

Raymond James Financial Inc. raised its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 36.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 969,122 shares of the company’s stock after buying an additional 258,787 shares during the quarter. Raymond James Financial Inc. owned about 0.73% of PowerFleet worth $5,320,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of AIOT. Private Capital Management LLC bought a new stake in shares of PowerFleet during the fourth quarter valued at approximately $45,504,000. AWM Investment Company Inc. bought a new stake in shares of PowerFleet during the fourth quarter valued at approximately $31,000,000. CenterBook Partners LP increased its position in shares of PowerFleet by 683.8% during the first quarter. CenterBook Partners LP now owns 2,877,826 shares of the company’s stock valued at $15,799,000 after purchasing an additional 2,510,674 shares during the period. Ameriprise Financial Inc. bought a new stake in shares of PowerFleet during the fourth quarter valued at approximately $10,547,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of PowerFleet during the fourth quarter valued at approximately $7,285,000. 73.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AIOT. Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a “buy” rating in a research report on Tuesday, May 27th. Wall Street Zen cut PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Barrington Research reaffirmed an “outperform” rating and set a $15.00 price target on shares of PowerFleet in a research note on Friday, August 22nd. Finally, Zacks Research lowered PowerFleet from a “hold” rating to a “strong sell” rating in a research note on Friday, August 15th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $10.50.

PowerFleet Stock Down 1.3%

NASDAQ:AIOT opened at $4.47 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.07 and a debt-to-equity ratio of 0.51. PowerFleet, Inc. has a twelve month low of $3.70 and a twelve month high of $8.71. The stock’s 50 day moving average price is $4.38 and its two-hundred day moving average price is $5.05. The firm has a market capitalization of $596.48 million, a price-to-earnings ratio of -14.90 and a beta of 1.28.

Insider Activity at PowerFleet

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

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.