PowerFleet, Inc. $AIOT Position Lessened by AMH Equity Ltd

AMH Equity Ltd lowered its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 9.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 900,000 shares of the company’s stock after selling 99,000 shares during the quarter. PowerFleet comprises about 5.9% of AMH Equity Ltd’s holdings, making the stock its 2nd largest position. AMH Equity Ltd owned 0.67% of PowerFleet worth $4,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. Royal Bank of Canada boosted its position in PowerFleet by 198.0% during the 1st quarter. Royal Bank of Canada now owns 91,365 shares of the company’s stock worth $501,000 after purchasing an additional 60,705 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of PowerFleet by 275.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company’s stock worth $1,116,000 after purchasing an additional 149,116 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in PowerFleet in the first quarter worth about $251,000. Goldman Sachs Group Inc. raised its position in shares of PowerFleet by 15.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock worth $5,739,000 after purchasing an additional 138,856 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in PowerFleet in the first quarter worth $3,670,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AIOT. Barrington Research restated an “outperform” rating and set a $15.00 price target on shares of PowerFleet in a research report on Monday, January 5th. Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. William Blair reiterated an “outperform” rating on shares of PowerFleet in a report on Tuesday, November 11th. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, December 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $10.50.

PowerFleet Trading Down 1.8%

AIOT opened at $5.55 on Friday. The firm has a 50 day simple moving average of $5.18 and a 200 day simple moving average of $4.93. The company has a market cap of $742.73 million, a price-to-earnings ratio of -17.90 and a beta of 1.34. PowerFleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.07 and a quick ratio of 0.93.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings results on Monday, November 10th. The company reported $0.02 EPS for the quarter, meeting analysts’ consensus estimates of $0.02. PowerFleet had a negative return on equity of 9.00% and a negative net margin of 9.70%.The company had revenue of $111.68 million during the quarter, compared to analysts’ expectations of $105.51 million. On average, sell-side analysts anticipate that PowerFleet, Inc. will post -0.32 earnings per share for the current year.

About PowerFleet

PowerFleet, Inc (NASDAQ: AIOT) develops and delivers Internet of Things (IoT)–based telematics and asset-tracking solutions designed to help businesses monitor, manage and optimize fleets of vehicles and industrial equipment. Its core offerings include wireless sensors, GPS tracking devices and cloud-hosted software platforms that provide real-time visibility into vehicle whereabouts, usage patterns, fuel consumption and maintenance needs. The company’s systems also support regulatory compliance and safety monitoring, enabling customers to reduce operational costs, minimize theft and improve overall asset utilization.

The company’s hardware portfolio features RFID readers, active and passive tags, onboard diagnostics (OBD) adapters and temperature or motion sensors that can be deployed on trucks, trailers, forklifts, containers and other high-value assets.