Inspire Investing LLC Boosts Stock Position in PowerFleet, Inc. $AIOT

Inspire Investing LLC increased its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 4.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 62,253 shares of the company’s stock after buying an additional 2,419 shares during the period. Inspire Investing LLC’s holdings in PowerFleet were worth $342,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in PowerFleet by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 6,725,504 shares of the company’s stock valued at $36,923,000 after purchasing an additional 248,914 shares during the last quarter. AWM Investment Company Inc. purchased a new stake in PowerFleet during the 4th quarter valued at $31,000,000. Private Management Group Inc. boosted its stake in PowerFleet by 8.7% during the 1st quarter. Private Management Group Inc. now owns 3,778,478 shares of the company’s stock valued at $20,744,000 after purchasing an additional 303,004 shares during the last quarter. Royce & Associates LP boosted its stake in PowerFleet by 1.3% during the 1st quarter. Royce & Associates LP now owns 3,724,995 shares of the company’s stock valued at $20,450,000 after purchasing an additional 48,240 shares during the last quarter. Finally, CenterBook Partners LP boosted its stake in PowerFleet by 683.8% during the 1st 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 last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

PowerFleet Price Performance

Shares of PowerFleet stock opened at $5.26 on Wednesday. PowerFleet, Inc. has a one year low of $3.70 and a one year high of $8.71. The stock’s fifty day moving average is $4.51 and its 200 day moving average is $4.91. The stock has a market cap of $701.89 million, a P/E ratio of -17.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07.

Insiders Place Their Bets

In related news, CEO Steven Mark Towe bought 23,157 shares of the firm’s 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 acquisition, the chief executive officer owned 2,457,923 shares in the company, 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 the SEC website. Also, Director Michael J. Mcconnell purchased 10,000 shares of the firm’s stock in a transaction on Monday, August 18th. The shares were acquired at an average cost of $4.64 per share, for a total transaction of $46,400.00. Following the completion of the acquisition, the director owned 28,028 shares of the company’s stock, valued at approximately $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. 6.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on AIOT. Zacks Research downgraded 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 price target on shares of PowerFleet in a research note on Friday, August 22nd. Wall Street Zen downgraded PowerFleet from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Lake Street Capital set a $8.00 price target on PowerFleet and gave the stock a “buy” rating in a research note on Tuesday, May 27th. 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, PowerFleet presently has an average rating of “Moderate Buy” and a consensus target price of $10.50.

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.