Private Management Group Inc. Buys 218,615 Shares of PowerFleet, Inc. $AIOT

Private Management Group Inc. lifted its stake in PowerFleet, Inc. (NASDAQ:AIOT) by 4.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 5,731,137 shares of the company’s stock after buying an additional 218,615 shares during the period. Private Management Group Inc.’s holdings in PowerFleet were worth $21,950,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in PowerFleet by 20.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company’s stock worth $12,718,000 after purchasing an additional 698,112 shares during the period. Wasatch Advisors LP lifted its position in PowerFleet by 16.4% in the second quarter. Wasatch Advisors LP now owns 2,608,977 shares of the company’s stock valued at $9,992,000 after purchasing an additional 367,248 shares during the last quarter. Kennedy Capital Management LLC boosted its stake in shares of PowerFleet by 292.3% during the fourth quarter. Kennedy Capital Management LLC now owns 1,970,918 shares of the company’s stock valued at $10,485,000 after purchasing an additional 1,468,573 shares during the period. Bandera Partners LLC grew its holdings in shares of PowerFleet by 26.6% in the first quarter. Bandera Partners LLC now owns 2,381,666 shares of the company’s stock worth $7,336,000 after purchasing an additional 500,000 shares during the last quarter. Finally, Bastion Asset Management Inc. increased its stake in shares of PowerFleet by 78.4% in the fourth quarter. Bastion Asset Management Inc. now owns 1,712,883 shares of the company’s stock worth $8,853,000 after buying an additional 752,782 shares during the period. Institutional investors own 73.40% of the company’s stock.

PowerFleet Price Performance

AIOT opened at $3.05 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.10. PowerFleet, Inc. has a 52-week low of $2.78 and a 52-week high of $5.88. The stock has a market capitalization of $409.40 million, a PE ratio of -21.78 and a beta of 1.43. The stock’s 50 day moving average price is $3.77 and its 200-day moving average price is $3.57.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The company 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%. On average, equities research analysts predict that PowerFleet, Inc. will post 0.1 EPS for the current year.

PowerFleet announced that its board has approved a stock buyback program on Tuesday, June 30th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the company to purchase up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Northland Securities set a $7.00 price target on shares of PowerFleet in a report on Tuesday, August 11th. Wall Street Zen lowered shares of PowerFleet from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Weiss Ratings cut shares of PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. UBS Group set a $7.00 price objective on shares of PowerFleet in a research note on Tuesday, June 16th. Finally, Barrington Research set a $10.00 target price on shares of PowerFleet in a report on Monday, August 10th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, PowerFleet presently has a consensus rating of “Hold” and an average price target of $7.40.

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.