PowerFleet, Inc. (NASDAQ:AIOT) Receives Consensus Rating of “Hold” from Analysts

Shares of PowerFleet, Inc. (NASDAQ:AIOT) have received an average rating of “Hold” from the six research firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $7.40.

AIOT has been the subject of a number of research reports. UBS Group set a $7.00 price target on shares of PowerFleet in a research note on Tuesday, June 16th. Barrington Research set a $10.00 target price on shares of PowerFleet in a research report on Monday, August 10th. Craig Hallum lowered their price target on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Raymond James Financial downgraded PowerFleet from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 11th. Finally, Northland Securities set a $7.00 price target on shares of PowerFleet in a report on Tuesday, August 11th.

PowerFleet Trading Up 5.0%

NASDAQ:AIOT opened at $2.75 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.10 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average of $3.24 and a 200 day moving average of $3.45. The firm has a market capitalization of $369.13 million, a P/E ratio of -19.64 and a beta of 1.39. PowerFleet has a 52 week low of $2.55 and a 52 week high of $5.88.

PowerFleet (NASDAQ:AIOT) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%.The company had revenue of $110.79 million for the quarter, compared to the consensus estimate of $115.54 million. On average, research analysts predict that PowerFleet will post 0.1 earnings per share for the current year.

PowerFleet declared that its Board of Directors has authorized a share buyback program on Tuesday, June 30th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to reacquire up to 6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On PowerFleet

Large investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC bought a new stake in shares of PowerFleet in the second quarter worth $62,000. Bienville Capital Management LLC bought a new position in shares of PowerFleet in the second quarter worth approximately $54,000. WINTON GROUP Ltd bought a new position in shares of PowerFleet in the second quarter worth about $525,000. Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of PowerFleet by 60.3% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 18,115 shares of the company’s stock worth $69,000 after acquiring an additional 6,816 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its position in shares of PowerFleet by 1,003.8% in the second quarter. Squarepoint Ops LLC now owns 274,381 shares of the company’s stock worth $1,051,000 after buying an additional 249,523 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

PowerFleet Company Profile

Powerfleet, Inc (NASDAQ:AIOT) is a global provider of connected vehicle and asset-management solutions. Its Internet of Things (IoT) and artificial intelligence technologies help organizations monitor, manage and optimize vehicles, equipment, cargo and other mobile assets.

The company offers fleet-management and telematics software, vehicle and asset tracking, driver and workplace safety tools, maintenance and utilization monitoring, logistics visibility, and connected video solutions.