PowerFleet (NASDAQ:AIOT) Shares Down 8.8% – Here’s What Happened

Shares of PowerFleet, Inc. (NASDAQ:AIOT) fell 8.8% on Monday . The company traded as low as $4.51 and last traded at $4.4850. 1,355,183 shares changed hands during trading, a decline of 26% from the average session volume of 1,842,379 shares. The stock had previously closed at $4.92.

Wall Street Analysts Forecast Growth

AIOT has been the topic of several analyst reports. William Blair restated an “outperform” rating on shares of PowerFleet in a report on Tuesday, November 11th. Zacks Research upgraded shares of PowerFleet from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Wall Street Zen lowered shares of PowerFleet from a “hold” rating to a “sell” rating in a report on Sunday, November 2nd. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 target price on shares of PowerFleet in a research note on Friday, November 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of PowerFleet in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.50.

PowerFleet Stock Down 8.5%

The stock has a market capitalization of $602.21 million, a P/E ratio of -15.00 and a beta of 1.35. The firm’s 50-day simple moving average is $5.19 and its 200 day simple moving average is $4.85. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.92 and a current ratio of 1.07.

PowerFleet (NASDAQ:AIOT) last released its earnings results on Monday, November 10th. The company reported $0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.02. PowerFleet had a negative return on equity of 8.56% and a negative net margin of 9.95%.The business had revenue of $111.68 million for the quarter, compared to the consensus estimate of $105.51 million. PowerFleet has set its FY 2025 guidance at EPS. FY 2026 guidance at EPS. As a group, research analysts expect that PowerFleet, Inc. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On PowerFleet

Institutional investors have recently added to or reduced their stakes in the company. Verition Fund Management LLC grew its position in shares of PowerFleet by 56.5% in the 3rd quarter. Verition Fund Management LLC now owns 37,789 shares of the company’s stock valued at $198,000 after acquiring an additional 13,637 shares during the period. Sherbrooke Park Advisers LLC bought a new position in PowerFleet during the third quarter worth about $152,000. Private Capital Management LLC grew its holdings in PowerFleet by 9.1% during the third quarter. Private Capital Management LLC now owns 7,354,073 shares of the company’s stock worth $38,535,000 after purchasing an additional 610,660 shares during the period. Millennium Management LLC increased its position in PowerFleet by 4.5% during the third quarter. Millennium Management LLC now owns 1,333,117 shares of the company’s stock worth $6,986,000 after buying an additional 57,281 shares during the last quarter. Finally, Ionic Capital Management LLC raised its stake in PowerFleet by 96.5% in the third quarter. Ionic Capital Management LLC now owns 354,977 shares of the company’s stock valued at $1,860,000 after buying an additional 174,300 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

PowerFleet Company 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.