Kornitzer Capital Management Inc. KS Makes New $702,000 Investment in PowerFleet, Inc. $AIOT

Kornitzer Capital Management Inc. KS bought a new stake in PowerFleet, Inc. (NASDAQ:AIOT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 162,990 shares of the company’s stock, valued at approximately $702,000. Kornitzer Capital Management Inc. KS owned 0.12% of PowerFleet as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of AIOT. Virtu Financial LLC bought a new stake in PowerFleet in the 1st quarter valued at about $62,000. Landscape Capital Management L.L.C. acquired a new stake in shares of PowerFleet in the first quarter valued at approximately $78,000. Teacher Retirement System of Texas bought a new stake in shares of PowerFleet in the first quarter valued at approximately $95,000. Oppenheimer Asset Management Inc. grew its position 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 buying an additional 2,594 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in PowerFleet during the 1st quarter worth $120,000. 73.40% of the stock is owned by institutional investors.

PowerFleet Stock Up 1.9%

AIOT stock opened at $5.39 on Monday. The firm has a 50-day moving average price of $5.06 and a 200-day moving average price of $4.83. PowerFleet, Inc. has a 12 month low of $3.70 and a 12 month high of $8.71. The company has a current ratio of 1.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $719.24 million, a P/E ratio of -17.97 and a beta of 1.32.

Wall Street Analysts Forecast Growth

AIOT has been the subject of a number of recent analyst reports. Zacks Research upgraded PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Barrington Research reaffirmed an “outperform” rating and set a $15.00 price objective on shares of PowerFleet in a research report on Tuesday, September 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of PowerFleet in a research note on Friday. Finally, Wall Street Zen upgraded shares of PowerFleet from a “sell” rating to a “hold” rating in a research report on Saturday. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.50.

Insider Activity at PowerFleet

In related news, CEO Steven Mark Towe purchased 23,157 shares of the stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $4.42 per share, for a total transaction of $102,353.94. Following the completion of the acquisition, the chief executive officer owned 2,457,923 shares of the company’s stock, valued at approximately $10,864,019.66. This represents a 0.95% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael J. Mcconnell purchased 10,000 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was purchased at an average price of $4.64 per share, with a total value of $46,400.00. Following the completion of the purchase, the director directly owned 28,028 shares in the company, valued at $130,049.92. The trade was a 55.47% increase in their position. The disclosure for this purchase can be found here. 6.30% of the stock is owned by corporate insiders.

About PowerFleet

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.