Powerfleet (NASDAQ:AIOT) Trading Up 8.5% – Still a Buy?

Powerfleet, Inc. (NASDAQ:AIOT)’s share price was up 8.5% during mid-day trading on Monday . The company traded as high as $4.78 and last traded at $4.63. Approximately 726,291 shares changed hands during trading, a decline of 52% from the average daily volume of 1,517,562 shares. The stock had previously closed at $4.27.

Analyst Upgrades and Downgrades

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

Powerfleet Stock Performance

The firm’s 50 day moving average price is $6.42 and its 200-day moving average price is $6.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.21 and a quick ratio of 1.02.

Powerfleet (NASDAQ:AIOT) last posted its quarterly earnings results 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). On average, sell-side analysts anticipate that Powerfleet, Inc. will post -0.32 earnings per share for the current year.

Hedge Funds Weigh In On Powerfleet

Several institutional investors and hedge funds have recently added to or reduced their stakes in AIOT. GAMMA Investing LLC acquired a new stake in shares of Powerfleet during the 1st quarter worth approximately $46,000. California State Teachers Retirement System bought a new position in Powerfleet in the fourth quarter worth $46,000. Josh Arnold Investment Consultant LLC acquired a new stake in Powerfleet during the fourth quarter worth $117,000. AWM Investment Company Inc. bought a new stake in Powerfleet in the 4th quarter valued at $31,000,000. Finally, Ashford Capital Management Inc. acquired a new position in shares of Powerfleet in the 4th quarter valued at $856,000. 73.40% of the stock is currently owned by institutional investors.

About Powerfleet

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.