Powerfleet (NASDAQ:AIOT) Trading Down 18% – Here’s What Happened

Powerfleet, Inc. (NASDAQ:AIOT)’s share price was down 18% during mid-day trading on Friday . The company traded as low as $4.19 and last traded at $3.94. Approximately 551,528 shares changed hands during trading, a decline of 63% from the average daily volume of 1,487,220 shares. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AIOT. Barrington Research reiterated an “outperform” rating and issued a $15.00 price objective on shares of Powerfleet in a report on Thursday, February 13th. Northland Securities upped their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a report on Tuesday, February 11th. Finally, Lake Street Capital lifted their target price on shares of Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th.

Powerfleet Stock Down 11.0 %

The firm has a 50 day simple moving average of $6.42 and a 200-day simple moving average of $6.11. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21.

Powerfleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13). As a group, equities research analysts anticipate that Powerfleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Powerfleet

Large investors have recently made changes to their positions in the stock. Signaturefd LLC purchased a new stake in Powerfleet in the fourth quarter valued at approximately $25,000. Comerica Bank acquired a new stake in shares of Powerfleet in the fourth quarter valued at $42,000. California State Teachers Retirement System purchased a new stake in shares of Powerfleet in the 4th quarter valued at $46,000. Financial Management Professionals Inc. acquired a new position in Powerfleet during the 4th quarter worth about $50,000. Finally, Spire Wealth Management purchased a new position in Powerfleet during the 4th quarter valued at about $55,000. 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.