PowerFleet, Inc. $AIOT Stock Purchased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 7.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,280,983 shares of the company’s stock after buying an additional 296,249 shares during the period. Pinnacle Associates Ltd. owned about 3.19% of PowerFleet worth $12,158,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. State of Wyoming acquired a new stake in shares of PowerFleet during the 2nd quarter valued at $27,000. Royal Bank of Canada grew its position in PowerFleet by 76.9% during the 1st quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after acquiring an additional 4,883 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new position in PowerFleet in the 1st quarter worth about $35,000. Legal & General Group Plc acquired a new position in PowerFleet in the 2nd quarter worth about $48,000. Finally, Bienville Capital Management LLC acquired a new position in PowerFleet in the 2nd quarter worth about $54,000. 73.40% of the stock is currently owned by institutional investors.

PowerFleet Stock Performance

Shares of PowerFleet stock opened at $2.59 on Thursday. The stock has a market cap of $347.66 million, a price-to-earnings ratio of 127.50 and a beta of 1.40. PowerFleet, Inc. has a twelve month low of $2.29 and a twelve month high of $5.88. The company’s fifty day moving average is $2.87 and its 200 day moving average is $3.41. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48.

PowerFleet (NASDAQ:AIOT) last announced its earnings results on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. The business had revenue of $110.79 million during the quarter, compared to analyst estimates of $115.54 million. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. Sell-side analysts forecast that PowerFleet, Inc. will post 0.10 EPS for the current year.

PowerFleet declared that its Board of Directors has initiated a share buyback program on Tuesday, June 30th that authorizes the company to repurchase $30.00 million in shares. This buyback authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently commented on AIOT. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a research note on Friday, September 11th. Northland Securities set a $7.00 price objective on PowerFleet in a research note on Tuesday, August 11th. Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday, October 12th. Wall Street Zen downgraded shares of PowerFleet from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Finally, Raymond James Financial downgraded shares of PowerFleet from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, PowerFleet currently has an average rating of “Hold” and a consensus price target of $7.40.

PowerFleet Profile

Powerfleet, Inc (NASDAQ: AIOT) provides connected vehicle, asset and fleet-management solutions designed to help organizations improve safety, productivity, utilization and operational visibility. Its platform combines telematics hardware, software and data analytics to monitor vehicles, equipment and other mobile assets.

The company’s products and services include fleet tracking and management, driver-safety tools, video telematics, asset tracking, maintenance and utilization monitoring, and solutions for logistics and supply-chain operations.