Analysts Set PowerFleet, Inc. (NASDAQ:AIOT) Target Price at $10.50

PowerFleet, Inc. (NASDAQ:AIOT) has been assigned a consensus rating of “Hold” from the seven research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $10.50.

A number of research firms have recently issued reports on AIOT. Barrington Research reiterated an “outperform” rating and issued a $15.00 price objective on shares of PowerFleet in a report on Tuesday, September 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PowerFleet in a research note on Saturday, September 27th. Wall Street Zen cut shares of PowerFleet from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Finally, Zacks Research cut shares of PowerFleet from a “hold” rating to a “strong sell” rating in a research report on Friday, August 15th.

Insider Buying and Selling

In other 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 completion of the purchase, the chief executive officer directly owned 2,457,923 shares in the company, valued at $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael J. Mcconnell purchased 10,000 shares of the company’s stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of $4.64 per share, with a total value of $46,400.00. Following the transaction, the director directly owned 28,028 shares in the company, valued at $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 owned by insiders.

Institutional Investors Weigh In On PowerFleet

Large investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. bought a new stake in shares of PowerFleet during the 1st quarter valued at $172,000. Bank of America Corp DE bought a new stake in PowerFleet during the fourth quarter valued at about $1,487,000. BNP Paribas Financial Markets purchased a new position in PowerFleet during the fourth quarter valued at approximately $86,000. GAMMA Investing LLC purchased a new stake in PowerFleet in the 1st quarter worth $46,000. Finally, Teacher Retirement System of Texas bought a new position in shares of PowerFleet in the first quarter worth about $95,000. 73.40% of the stock is currently owned by institutional investors.

PowerFleet Stock Performance

Shares of AIOT opened at $5.09 on Monday. PowerFleet has a 12-month low of $3.70 and a 12-month high of $8.71. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The company has a market cap of $679.21 million, a PE ratio of -16.97 and a beta of 1.32. The stock has a 50-day moving average price of $4.73 and a 200-day moving average price of $4.85.

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.