Lake Street Capital Forecasts Strong Price Appreciation for Powerfleet (NASDAQ:AIOT) Stock

Powerfleet (NASDAQ:AIOT) had its price objective upped by Lake Street Capital from $7.00 to $11.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also issued reports on AIOT. William Blair reissued an “outperform” rating on shares of Powerfleet in a research note on Thursday, November 21st. Barrington Research restated an “outperform” rating and set a $15.00 price target on shares of Powerfleet in a research report on Thursday, February 6th. Finally, Northland Securities upped their price target on shares of Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday.

Powerfleet Stock Up 2.4 %

AIOT stock opened at $8.07 on Tuesday. The company’s 50-day simple moving average is $6.47 and its 200-day simple moving average is $5.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.71 and a quick ratio of 1.51. Powerfleet has a 52-week low of $2.85 and a 52-week high of $8.71.

Powerfleet (NASDAQ:AIOT) last posted its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13). As a group, equities analysts predict that Powerfleet will post -0.14 earnings per share for the current year.

Insider Buying and Selling

In other Powerfleet news, insider Catherine J. Lewis sold 82,010 shares of the stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $7.05, for a total value of $578,170.50. Following the completion of the sale, the insider now owns 240,962 shares in the company, valued at approximately $1,698,782.10. This represents a 25.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.79% of the company’s stock.

Institutional Trading of Powerfleet

Hedge funds have recently bought and sold shares of the business. Signaturefd LLC acquired a new stake in Powerfleet in the 4th quarter valued at about $25,000. Financial Management Professionals Inc. acquired a new stake in Powerfleet in the 4th quarter valued at about $50,000. Spire Wealth Management acquired a new stake in Powerfleet in the 4th quarter valued at about $55,000. Legal & General Group Plc acquired a new stake in Powerfleet in the 4th quarter valued at about $58,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in Powerfleet in the 4th quarter valued at about $59,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Powerfleet Company 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.