Ionic Capital Management LLC Purchases 165,000 Shares of PowerFleet, Inc. $AIOT

Ionic Capital Management LLC grew its position in shares of PowerFleet, Inc. (NASDAQ:AIOT) by 46.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 519,977 shares of the company’s stock after buying an additional 165,000 shares during the quarter. PowerFleet accounts for approximately 0.4% of Ionic Capital Management LLC’s holdings, making the stock its 11th largest position. Ionic Capital Management LLC owned approximately 0.39% of PowerFleet worth $2,766,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Engineers Gate Manager LP bought a new position in shares of PowerFleet during the 4th quarter valued at $316,000. Boothbay Fund Management LLC bought a new position in shares of PowerFleet during the 4th quarter valued at $125,000. 325 Capital LLC lifted its holdings in shares of PowerFleet by 5.2% during the 4th quarter. 325 Capital LLC now owns 3,837,410 shares of the company’s stock valued at $20,415,000 after buying an additional 191,031 shares during the period. 9823 Capital L.P. bought a new position in shares of PowerFleet during the 4th quarter valued at $181,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of PowerFleet by 9.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 72,259 shares of the company’s stock valued at $385,000 after buying an additional 6,386 shares during the period. 73.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

AIOT has been the topic of several research analyst reports. Wall Street Zen raised PowerFleet from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Raymond James Financial lowered their price target on PowerFleet from $8.00 to $7.00 and set an “outperform” rating on the stock in a report on Tuesday. UBS Group set a $7.00 target price on PowerFleet in a report on Tuesday. Finally, Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, PowerFleet currently has a consensus rating of “Hold” and an average price target of $9.67.

PowerFleet Price Performance

Shares of PowerFleet stock opened at $4.09 on Thursday. PowerFleet, Inc. has a one year low of $2.78 and a one year high of $5.88. The stock’s fifty day moving average is $3.49 and its 200 day moving average is $4.11. The stock has a market cap of $548.80 million, a P/E ratio of -25.56 and a beta of 1.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 1.13.

PowerFleet (NASDAQ:AIOT) last announced its earnings results on Monday, June 15th. The company reported $0.04 EPS for the quarter. PowerFleet had a negative return on equity of 1.33% and a negative net margin of 4.63%.The company had revenue of $114.49 million for the quarter, compared to analysts’ expectations of $112.98 million. During the same period last year, the firm earned ($0.09) EPS. Sell-side analysts anticipate that PowerFleet, Inc. will post 0.14 earnings per share for the current year.

PowerFleet Company 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.