Royce & Associates LP Purchases 159,256 Shares of PowerFleet, Inc. $AIOT

Royce & Associates LP lifted its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,471,131 shares of the company’s stock after acquiring an additional 159,256 shares during the period. Royce & Associates LP owned approximately 3.34% of PowerFleet worth $23,786,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Private Capital Management LLC lifted its holdings in shares of PowerFleet by 9.1% during the 3rd quarter. Private Capital Management LLC now owns 7,354,073 shares of the company’s stock worth $38,535,000 after acquiring an additional 610,660 shares during the last quarter. Voss Capital LP raised its position in PowerFleet by 4.3% in the 3rd quarter. Voss Capital LP now owns 5,800,000 shares of the company’s stock worth $30,392,000 after purchasing an additional 240,509 shares during the period. Private Management Group Inc. raised its position in PowerFleet by 6.6% in the 3rd quarter. Private Management Group Inc. now owns 5,208,278 shares of the company’s stock worth $27,291,000 after purchasing an additional 324,127 shares during the period. Dimensional Fund Advisors LP raised its position in PowerFleet by 3.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,091,361 shares of the company’s stock worth $16,199,000 after purchasing an additional 97,531 shares during the period. Finally, Pinnacle Associates Ltd. raised its position in PowerFleet by 56.1% in the 4th quarter. Pinnacle Associates Ltd. now owns 2,182,810 shares of the company’s stock worth $11,613,000 after purchasing an additional 784,505 shares during the period. 73.40% of the stock is owned by institutional investors.

PowerFleet Price Performance

Shares of NASDAQ AIOT opened at $3.56 on Wednesday. PowerFleet, Inc. has a 1 year low of $2.78 and a 1 year high of $5.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.09 and a quick ratio of 0.96. The company’s 50-day moving average is $3.18 and its 200 day moving average is $4.20. The stock has a market capitalization of $477.57 million, a P/E ratio of -15.48 and a beta of 1.38.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on AIOT shares. Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Barrington Research restated an “outperform” rating and issued a $15.00 price objective on shares of PowerFleet in a research report on Friday, February 6th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of PowerFleet in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

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.