PowerFleet (NASDAQ:AIOT) Announces Earnings Results

PowerFleet (NASDAQ:AIOT) issued its earnings results on Monday. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01, FiscalAI reports. The business had revenue of $110.79 million for the quarter, compared to analysts’ expectations of $115.54 million. PowerFleet had a negative return on equity of 1.33% and a negative net margin of 4.63%.

PowerFleet Stock Performance

PowerFleet stock opened at $4.41 on Monday. The firm has a 50 day simple moving average of $4.07 and a 200-day simple moving average of $3.78. The stock has a market cap of $591.95 million, a price-to-earnings ratio of -27.56 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.13 and a quick ratio of 0.99. PowerFleet has a 1-year low of $2.78 and a 1-year high of $5.88.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Raymond James Financial dropped their target price on PowerFleet from $8.00 to $7.00 and set an “outperform” rating for the company in a report on Tuesday, June 16th. Finally, UBS Group set a $7.00 target price on PowerFleet in a research note on Tuesday, June 16th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.67.

PowerFleet announced that its board has authorized a stock repurchase plan on Tuesday, June 30th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to reacquire up to 6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wasatch Advisors LP acquired a new position in shares of PowerFleet in the 2nd quarter worth approximately $6,426,000. Nuveen LLC increased its holdings in PowerFleet by 44.7% in the 4th quarter. Nuveen LLC now owns 3,312,956 shares of the company’s stock valued at $17,625,000 after purchasing an additional 1,023,077 shares during the last quarter. Goldman Sachs Group Inc. raised its position in PowerFleet by 271.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,169,710 shares of the company’s stock valued at $6,223,000 after purchasing an additional 854,444 shares during the period. Stoic Point Capital Management LLC purchased a new stake in PowerFleet in the fourth quarter valued at approximately $3,671,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in PowerFleet during the first quarter worth $3,670,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About PowerFleet

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.