Powerfleet (NASDAQ:AIOT) Trading 8.6% Higher on Analyst Upgrade

Powerfleet, Inc. (NASDAQ:AIOT) traded up 8.6% during trading on Tuesday after Northland Securities raised their price target on the stock from $10.00 to $11.00. Northland Securities currently has an outperform rating on the stock. Powerfleet traded as high as $8.43 and last traded at $8.47. 910,251 shares changed hands during trading, a decline of 55% from the average session volume of 2,035,969 shares. The stock had previously closed at $7.80.

Several other brokerages also recently weighed in on AIOT. Barrington Research restated an “outperform” rating and set a $15.00 target price on shares of Powerfleet in a research note on Thursday, February 6th. William Blair restated an “outperform” rating on shares of Powerfleet in a research note on Thursday, November 21st.

Insider Activity

In related news, insider Catherine J. Lewis sold 82,010 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $7.05, for a total value of $578,170.50. Following the sale, the insider now owns 240,962 shares in the company, valued at $1,698,782.10. This represents a 25.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 7.79% of the company’s stock.

Institutional Trading of Powerfleet

A number of hedge funds and other institutional investors have recently made changes to their positions in AIOT. Signaturefd LLC acquired a new position in Powerfleet during the fourth quarter valued at $25,000. Financial Management Professionals Inc. purchased a new stake in Powerfleet in the 4th quarter worth $50,000. Spire Wealth Management purchased a new position in shares of Powerfleet in the fourth quarter valued at approximately $55,000. Private Advisor Group LLC purchased a new position in Powerfleet in the 4th quarter valued at $68,000. Finally, HighTower Advisors LLC purchased a new stake in shares of Powerfleet during the fourth quarter worth $84,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Powerfleet Stock Performance

The business has a fifty day moving average of $6.40 and a 200 day moving average of $5.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.71 and a quick ratio of 1.51.

Powerfleet (NASDAQ:AIOT) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). As a group, analysts anticipate that Powerfleet, Inc. will post -0.14 EPS for the current year.

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.