Bandera Partners LLC Has $7.34 Million Holdings in PowerFleet, Inc. $AIOT

Bandera Partners LLC increased its position in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 26.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,381,666 shares of the company’s stock after purchasing an additional 500,000 shares during the period. PowerFleet comprises about 3.3% of Bandera Partners LLC’s investment portfolio, making the stock its 11th largest position. Bandera Partners LLC owned about 1.78% of PowerFleet worth $7,336,000 at the end of the most recent reporting period.

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

PowerFleet Trading Down 7.1%

AIOT opened at $3.79 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.99 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $508.55 million, a PE ratio of -23.69 and a beta of 1.42. PowerFleet, Inc. has a 1-year low of $2.78 and a 1-year high of $5.88. The firm has a 50-day moving average price of $3.93 and a two-hundred day moving average price of $3.90.

PowerFleet announced that its board has authorized a share repurchase program on Tuesday, June 30th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to reacquire up to 6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on AIOT shares. Wall Street Zen upgraded PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Raymond James Financial lowered their target price on shares of PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Tuesday, June 16th. Finally, UBS Group set a $7.00 target price on shares of PowerFleet in a research report on Tuesday, June 16th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, PowerFleet presently has an average rating of “Hold” and an average price target of $9.67.

PowerFleet Company Profile

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.