Powerfleet (NASDAQ:AIOT) Trading 9.4% Higher – Time to Buy?

Powerfleet, Inc. (NASDAQ:AIOT) traded up 9.4% during mid-day trading on Wednesday . The stock traded as high as $6.08 and last traded at $6.08. 485,295 shares traded hands during trading, a decline of 78% from the average session volume of 2,222,979 shares. The stock had previously closed at $5.56.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on AIOT. Northland Securities upped their target price on Powerfleet from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Barrington Research upped their target price on Powerfleet from $10.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Finally, William Blair reaffirmed an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st.

Powerfleet Trading Down 2.4 %

The company’s fifty day moving average is $6.51. The company has a quick ratio of 1.51, a current ratio of 1.71 and a debt-to-equity ratio of 0.25.

Powerfleet (NASDAQ:AIOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $77.02 million during the quarter, compared to analyst estimates of $74.54 million. During the same period last year, the business earned ($0.14) earnings per share. On average, sell-side analysts predict that Powerfleet, Inc. will post -0.14 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Catherine J. Lewis sold 82,010 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $7.05, for a total value of $578,170.50. Following the completion of the transaction, the insider now directly owns 240,962 shares of the company’s stock, valued at $1,698,782.10. This represents a 25.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 7.79% of the company’s stock.

Hedge Funds Weigh In On Powerfleet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AIOT. Kopion Asset Management LLC bought a new position in Powerfleet in the 4th quarter worth approximately $7,361,000. Yarbrough Capital LLC acquired a new stake in Powerfleet in the fourth quarter worth approximately $372,000. Finally, Financial Management Professionals Inc. acquired a new stake in Powerfleet in the fourth quarter worth approximately $50,000. 73.40% of the stock is owned by institutional investors.

About Powerfleet

PowerFleet, Inc provides wireless Internet-of-Things asset management solutions in the United States, Israel, and internationally. The company offers real-time intelligence for organizations to capture IoT data from various types of assets with devices and sensors to increase efficiencies, and improve safety and security, as well as increase their profitability in easy-to-understand reports, dashboards, and real-time alerts; and application programming interfaces for additional integrations and development to boost other enterprise management systems and third-party applications.