Corebridge Financial Inc. Raises Stake in PowerFleet, Inc. $AIOT

Corebridge Financial Inc. raised its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 4.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,009 shares of the company’s stock after buying an additional 2,036 shares during the quarter. Corebridge Financial Inc.’s holdings in PowerFleet were worth $269,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Private Capital Management LLC purchased a new stake in PowerFleet in the 4th quarter valued at $45,504,000. Vanguard Group Inc. grew its holdings in PowerFleet by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company’s stock valued at $36,923,000 after buying an additional 248,914 shares in the last quarter. AWM Investment Company Inc. purchased a new stake in PowerFleet in the 4th quarter valued at $31,000,000. Private Management Group Inc. grew its holdings in PowerFleet by 8.7% in the 1st quarter. Private Management Group Inc. now owns 3,778,478 shares of the company’s stock valued at $20,744,000 after buying an additional 303,004 shares in the last quarter. Finally, Royce & Associates LP grew its holdings in PowerFleet by 1.3% in the 1st quarter. Royce & Associates LP now owns 3,724,995 shares of the company’s stock valued at $20,450,000 after buying an additional 48,240 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at PowerFleet

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

Analyst Ratings Changes

AIOT has been the subject of several analyst reports. Wall Street Zen cut PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Zacks Research cut PowerFleet from a “hold” rating to a “strong sell” rating in a report on Friday, August 15th. Barrington Research reiterated an “outperform” rating and set a $15.00 price target on shares of PowerFleet in a report on Friday, August 22nd. Finally, Lake Street Capital set a $8.00 price target on PowerFleet and gave the stock a “buy” rating in a report on Tuesday, May 27th. Five research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $10.50.

PowerFleet Stock Performance

Shares of PowerFleet stock opened at $4.98 on Tuesday. The business has a 50-day moving average of $4.41 and a 200 day moving average of $4.97. PowerFleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71. The stock has a market capitalization of $664.53 million, a price-to-earnings ratio of -16.60 and a beta of 1.28. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.07 and a quick ratio of 0.92.

PowerFleet 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.