Bank of New York Mellon Corp Has $1.48 Million Stock Position in PowerFleet, Inc. (NASDAQ:AIOT)

Bank of New York Mellon Corp boosted its holdings in PowerFleet, Inc. (NASDAQ:AIOT) by 8.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 268,639 shares of the company’s stock after acquiring an additional 21,785 shares during the quarter. Bank of New York Mellon Corp’s holdings in PowerFleet were worth $1,475,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Teacher Retirement System of Texas bought a new position in shares of PowerFleet in the first quarter valued at approximately $95,000. Lisanti Capital Growth LLC bought a new position in shares of PowerFleet during the first quarter valued at about $2,260,000. Oppenheimer & Co. Inc. bought a new stake in PowerFleet in the 1st quarter worth about $172,000. Oppenheimer Asset Management Inc. lifted its holdings in PowerFleet by 14.7% during the first quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company’s stock worth $111,000 after acquiring an additional 2,594 shares during the period. Finally, Yarbrough Capital LLC increased its position in shares of PowerFleet by 105.3% during the 1st quarter. Yarbrough Capital LLC now owns 114,646 shares of the company’s stock valued at $629,000 after purchasing an additional 58,807 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

PowerFleet Price Performance

AIOT opened at $4.23 on Thursday. The business has a fifty day moving average of $4.55 and a 200 day moving average of $5.44. The company has a quick ratio of 1.00, a current ratio of 1.12 and a debt-to-equity ratio of 0.52. The stock has a market cap of $564.16 million, a P/E ratio of -9.84 and a beta of 1.32. PowerFleet, Inc. has a 52-week low of $3.70 and a 52-week high of $8.71.

Analysts Set New Price Targets

Several research firms have recently weighed in on AIOT. Raymond James Financial reduced their target price on shares of PowerFleet from $10.00 to $8.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a research note on Saturday, June 21st. Barrington Research reissued an “outperform” rating and issued a $15.00 price target on shares of PowerFleet in a research note on Friday, June 13th. Finally, Lake Street Capital set a $8.00 price target on PowerFleet and gave the company a “buy” rating in a report on Tuesday, May 27th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $10.50.

PowerFleet Company Profile

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.