PowerFleet, Inc. (NASDAQ:AIOT) Stock Has Average Price Target of $7.40

PowerFleet, Inc. (NASDAQ:AIOT) has been given a consensus rating of “Hold” by the six analysts that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $7.40.

A number of analysts have weighed in on AIOT shares. Craig Hallum decreased their price target on PowerFleet from $9.00 to $6.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Barrington Research set a $10.00 price objective on PowerFleet in a research note on Monday, August 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a research note on Friday, September 11th. Zacks Research lowered PowerFleet from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, UBS Group set a $7.00 target price on PowerFleet in a research note on Tuesday, June 16th.

PowerFleet Stock Down 1.4%

Shares of NASDAQ AIOT opened at $2.80 on Friday. The company’s 50 day moving average price is $3.20 and its 200-day moving average price is $3.44. 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 52-week low of $2.55 and a 52-week high of $5.88. The company has a market capitalization of $375.84 million, a P/E ratio of -20.00 and a beta of 1.40.

PowerFleet (NASDAQ:AIOT) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. The company had revenue of $110.79 million during the quarter, compared to analysts’ expectations of $115.54 million. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. Equities analysts forecast that PowerFleet will post 0.1 earnings per share for the current year.

PowerFleet declared that its Board of Directors has initiated a stock buyback plan on Tuesday, June 30th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Institutional Trading of PowerFleet

Several large investors have recently modified their holdings of AIOT. BlackRock Inc. bought a new stake in PowerFleet in the 2nd quarter valued at about $39,489,000. AWM Investment Company Inc. bought a new position in PowerFleet in the second quarter worth approximately $14,709,000. Kennedy Capital Management LLC boosted its holdings in PowerFleet by 292.3% in the fourth quarter. Kennedy Capital Management LLC now owns 1,970,918 shares of the company’s stock worth $10,485,000 after acquiring an additional 1,468,573 shares in the last quarter. Renaissance Technologies LLC grew its stake in PowerFleet by 1,644.7% in the first quarter. Renaissance Technologies LLC now owns 1,530,725 shares of the company’s stock valued at $4,715,000 after acquiring an additional 1,442,989 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in PowerFleet by 20.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,129,670 shares of the company’s stock valued at $12,718,000 after acquiring an additional 698,112 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

About PowerFleet

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.