PowerFleet (NASDAQ:AIOT) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of PowerFleet (NASDAQ:AIOT) from a strong sell rating to a hold rating in a research report report published on Monday,Zacks reports.

A number of other research firms have also recently commented on AIOT. Raymond James Financial cut PowerFleet from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Craig Hallum lowered their price target on PowerFleet from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. UBS Group set a $7.00 price target on PowerFleet in a research note on Tuesday, June 16th. Barrington Research set a $10.00 price objective on PowerFleet in a report on Monday, August 10th. Finally, Northland Securities set a $7.00 price objective on PowerFleet in a report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.40.

PowerFleet Price Performance

AIOT stock opened at $2.69 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.10 and a quick ratio of 0.96. PowerFleet has a one year low of $2.55 and a one year high of $5.88. The stock has a market cap of $361.08 million, a PE ratio of -19.21 and a beta of 1.40. The firm has a 50 day simple moving average of $3.00 and a two-hundred day simple moving average of $3.43.

PowerFleet (NASDAQ:AIOT) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. PowerFleet had a negative net margin of 4.16% and a positive return on equity of 0.48%. The firm had revenue of $110.79 million for the quarter, compared to analyst estimates of $115.54 million. On average, analysts predict that PowerFleet will post 0.10 EPS for the current fiscal year.

PowerFleet announced that its Board of Directors has authorized a share buyback program on Tuesday, June 30th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to buy up to 6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On PowerFleet

Institutional investors and hedge funds have recently made changes to their positions in the business. State of Wyoming purchased a new stake in PowerFleet during the second quarter valued at about $27,000. Royal Bank of Canada increased its holdings in shares of PowerFleet by 76.9% in the first quarter. Royal Bank of Canada now owns 11,233 shares of the company’s stock worth $34,000 after buying an additional 4,883 shares during the period. Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of PowerFleet in the first quarter worth about $35,000. Legal & General Group Plc purchased a new position in shares of PowerFleet in the second quarter worth about $48,000. Finally, Bienville Capital Management LLC bought a new stake in shares of PowerFleet in the 2nd quarter valued at about $54,000. Institutional investors own 73.40% of the company’s stock.

About PowerFleet

Powerfleet, Inc (NASDAQ: AIOT) provides connected vehicle, asset and fleet-management solutions designed to help organizations improve safety, productivity, utilization and operational visibility. Its platform combines telematics hardware, software and data analytics to monitor vehicles, equipment and other mobile assets.

The company’s products and services include fleet tracking and management, driver-safety tools, video telematics, asset tracking, maintenance and utilization monitoring, and solutions for logistics and supply-chain operations.