Sei Investments Co. Buys 557,487 Shares of PowerFleet, Inc. $AIOT

Sei Investments Co. grew its stake in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 99.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,120,221 shares of the company’s stock after purchasing an additional 557,487 shares during the quarter. Sei Investments Co.’s holdings in PowerFleet were worth $3,450,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in PowerFleet by 1.4% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,082 shares of the company’s stock worth $888,000 after acquiring an additional 2,871 shares in the last quarter. Connors Investor Services Inc. increased its stake in shares of PowerFleet by 5.7% during the 4th quarter. Connors Investor Services Inc. now owns 56,000 shares of the company’s stock worth $298,000 after purchasing an additional 3,000 shares during the last quarter. R Squared Ltd raised its holdings in shares of PowerFleet by 40.6% in the 4th quarter. R Squared Ltd now owns 16,073 shares of the company’s stock valued at $86,000 after purchasing an additional 4,640 shares during the period. Clarus Group Inc. raised its holdings in shares of PowerFleet by 26.7% in the 1st quarter. Clarus Group Inc. now owns 25,790 shares of the company’s stock valued at $79,000 after purchasing an additional 5,434 shares during the period. Finally, Bantamac Capital LLC lifted its stake in PowerFleet by 9.0% in the 4th quarter. Bantamac Capital LLC now owns 67,887 shares of the company’s stock valued at $361,000 after purchasing an additional 5,621 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

PowerFleet Stock Performance

Shares of AIOT stock opened at $4.13 on Friday. The company has a market capitalization of $554.37 million, a price-to-earnings ratio of -25.81 and a beta of 1.43. 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 50-day simple moving average of $4.06 and a 200 day simple moving average of $3.79. PowerFleet, Inc. has a 52 week low of $2.78 and a 52 week high of $5.88.

PowerFleet announced that its Board of Directors has initiated a share repurchase program on Tuesday, June 30th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to buy up to 6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on AIOT shares. UBS Group set a $7.00 price target on PowerFleet in a report on Tuesday, June 16th. Weiss Ratings lowered PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Tuesday, June 16th. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Raymond James Financial reduced their target price on PowerFleet from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Tuesday, June 16th. Three 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 MarketBeat, PowerFleet has a consensus rating of “Hold” and an average target price 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.