Renaissance Technologies LLC Acquires 1,442,989 Shares of PowerFleet, Inc. $AIOT

Renaissance Technologies LLC boosted its holdings in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 1,644.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,530,725 shares of the company’s stock after buying an additional 1,442,989 shares during the period. Renaissance Technologies LLC’s holdings in PowerFleet were worth $4,715,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Hurley Capital LLC acquired a new position in PowerFleet during the fourth quarter valued at approximately $32,000. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of PowerFleet during the 1st quarter worth $35,000. Kemnay Advisory Services Inc. acquired a new position in PowerFleet in the 4th quarter valued at $48,000. BNP Paribas Financial Markets grew its stake in PowerFleet by 100.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 11,756 shares of the company’s stock valued at $51,000 after buying an additional 5,904 shares during the last quarter. Finally, MGO One Seven LLC bought a new position in PowerFleet in the 4th quarter worth $55,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

PowerFleet Stock Performance

NASDAQ:AIOT opened at $4.13 on Friday. The firm’s 50-day moving average is $4.06 and its 200-day moving average is $3.79. PowerFleet, Inc. has a 52-week low of $2.78 and a 52-week high of $5.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.99 and a current ratio of 1.13. The company has a market cap of $554.37 million, a price-to-earnings ratio of -25.81 and a beta of 1.43.

PowerFleet declared that its board has approved 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 buy up to 6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

PowerFleet 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.