Powerfleet (NASDAQ:AIOT) Shares Down 8.3% – Time to Sell?

Shares of Powerfleet, Inc. (NASDAQ:AIOT) were down 8.3% during mid-day trading on Thursday . The company traded as low as $6.03 and last traded at $6.00. Approximately 492,909 shares changed hands during trading, a decline of 78% from the average daily volume of 2,238,105 shares. The stock had previously closed at $6.54.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AIOT. William Blair reiterated an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. Northland Securities lifted their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Lake Street Capital boosted their price objective on shares of Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th. Finally, Barrington Research reaffirmed an “outperform” rating and issued a $15.00 target price on shares of Powerfleet in a research report on Thursday, February 13th.

Powerfleet Stock Performance

The company’s 50-day simple moving average is $6.66 and its 200-day simple moving average is $5.97. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Powerfleet (NASDAQ:AIOT) last released its quarterly earnings data 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). Equities research analysts anticipate that Powerfleet, Inc. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On Powerfleet

Several institutional investors and hedge funds have recently modified their holdings of AIOT. Signaturefd LLC acquired a new position in Powerfleet in the 4th quarter valued at about $25,000. Comerica Bank acquired a new position in shares of Powerfleet in the fourth quarter valued at approximately $42,000. Financial Management Professionals Inc. acquired a new position in shares of Powerfleet in the fourth quarter valued at approximately $50,000. Spire Wealth Management bought a new position in shares of Powerfleet during the fourth quarter worth approximately $55,000. Finally, Legal & General Group Plc acquired a new stake in Powerfleet during the 4th quarter worth approximately $58,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.