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

Kornitzer Capital Management Inc. KS purchased a new stake in PowerFleet, Inc. (NASDAQ:AIOT) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 162,990 shares of the company’s stock, valued at approximately $702,000.

A number of other hedge funds also recently modified their holdings of AIOT. Corebridge Financial Inc. grew its stake in shares of PowerFleet by 4.3% in the first quarter. Corebridge Financial Inc. now owns 49,009 shares of the company’s stock worth $269,000 after purchasing an additional 2,036 shares during the last quarter. Inspire Investing LLC grew its position in shares of PowerFleet by 4.0% in the 1st quarter. Inspire Investing LLC now owns 62,253 shares of the company’s stock valued at $342,000 after buying an additional 2,419 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of PowerFleet by 14.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 20,242 shares of the company’s stock valued at $111,000 after buying an additional 2,594 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of PowerFleet in the first quarter valued at about $62,000. Finally, Bfsg LLC raised its position in shares of PowerFleet by 41.1% during the second quarter. Bfsg LLC now owns 39,170 shares of the company’s stock worth $169,000 after acquiring an additional 11,404 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at PowerFleet

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

PowerFleet Stock Performance

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

PowerFleet Profile

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.