PowerFleet (NASDAQ:AIOT) Shares Break Above 50 Day Moving Average – Here’s What Happened

PowerFleet, Inc. (NASDAQ:AIOT) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $2.82 and traded as high as $2.88. PowerFleet shares last traded at $2.86, with a volume of 1,720,696 shares changing hands.

Analysts Set New Price Targets

AIOT has been the topic of several analyst reports. Northland Securities set a $7.00 target price on shares of PowerFleet in a report on Tuesday, August 11th. Barrington Research set a $10.00 price target on shares of PowerFleet in a report on Monday, August 10th. Wall Street Zen lowered shares of PowerFleet from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a research report on Monday, October 12th. Finally, Craig Hallum decreased their price objective 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 analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.40.

PowerFleet Trading Up 1.0%

The business has a 50 day simple moving average of $2.82 and a 200 day simple moving average of $3.54. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.10 and a quick ratio of 0.96. The company has a market cap of $387.92 million, a price-to-earnings ratio of -20.64 and a beta of 1.40.

PowerFleet (NASDAQ:AIOT) last announced its earnings results on Monday, August 10th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $110.79 million during the quarter, compared to analyst estimates of $115.54 million. PowerFleet had a positive return on equity of 0.48% and a negative net margin of 4.16%. As a group, equities analysts forecast that PowerFleet, Inc. will post 0.10 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AIOT. Bfsg LLC raised its stake in shares of PowerFleet by 9.2% during the third quarter. Bfsg LLC now owns 50,690 shares of the company’s stock worth $144,000 after buying an additional 4,267 shares during the last quarter. State of Wyoming lifted its holdings in PowerFleet by 826.2% in the third quarter. State of Wyoming now owns 64,817 shares of the company’s stock valued at $184,000 after buying an additional 57,819 shares during the period. Wedbush Securities Inc. bought a new position in PowerFleet in the third quarter valued at approximately $39,000. Seven Mile Advisory bought a new position in PowerFleet in the third quarter valued at approximately $72,000. Finally, Cardinal Point Capital Management ULC boosted its stake in PowerFleet by 36.8% in the third quarter. Cardinal Point Capital Management ULC now owns 319,100 shares of the company’s stock valued at $906,000 after acquiring an additional 85,800 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

PowerFleet Company Profile

Powerfleet, Inc provides connected-vehicle and asset-management solutions designed to help organizations monitor, manage and optimize mobile assets. Its platform combines Internet of Things (IoT) connectivity, telematics, location tracking and analytics to deliver visibility into vehicles, equipment, cargo and other assets.

The company’s products and services support fleet management, driver safety, vehicle and equipment utilization, maintenance, logistics and supply-chain operations. Powerfleet serves a range of industries, including transportation, logistics, commercial fleets, rental and leasing, construction, manufacturing and other organizations that rely on mobile assets.

Powerfleet has expanded its capabilities through acquisitions and business combinations, including its 2019 acquisition of Pointer Telocation and its 2024 combination with MiX Telematics.