PowerFleet (NASDAQ:AIOT) Stock Rating Lowered by Wall Street Zen

PowerFleet (NASDAQ:AIOT) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Several other brokerages have also issued reports on AIOT. Raymond James Financial lowered PowerFleet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Weiss Ratings cut PowerFleet from a “hold (c-)” rating to a “sell (d-)” rating in a report on Tuesday, June 16th. Northland Securities set a $7.00 price objective on PowerFleet in a report on Tuesday, August 11th. UBS Group set a $7.00 target price on shares of PowerFleet in a research report on Tuesday, June 16th. Finally, Craig Hallum reduced their target price on shares of PowerFleet from $9.00 to $6.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.40.

PowerFleet Stock Performance

Shares of NASDAQ:AIOT opened at $3.11 on Friday. The business has a fifty day moving average of $3.98 and a 200-day moving average of $3.70. 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 has a twelve month low of $2.78 and a twelve month high of $5.88. The firm has a market cap of $417.46 million, a PE ratio of -22.21 and a beta of 1.43.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. The business had revenue of $110.79 million for the quarter, compared to the consensus estimate of $115.54 million. On average, equities research analysts predict that PowerFleet will post 0.09 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its stake in PowerFleet by 198.0% in the first quarter. Royal Bank of Canada now owns 91,365 shares of the company’s stock valued at $501,000 after purchasing an additional 60,705 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of PowerFleet by 275.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 203,211 shares of the company’s stock valued at $1,116,000 after buying an additional 149,116 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of PowerFleet in the 1st quarter valued at $251,000. Goldman Sachs Group Inc. increased its position in shares of PowerFleet by 15.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,045,424 shares of the company’s stock valued at $5,739,000 after buying an additional 138,856 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in shares of PowerFleet in the 1st quarter valued at $3,670,000. Institutional investors own 73.40% of the company’s stock.

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.