Powerfleet (NASDAQ:AIOT) Stock Price Expected to Rise, Lake Street Capital Analyst Says

Powerfleet (NASDAQ:AIOT) had its target price boosted by equities research analysts at Lake Street Capital from $7.00 to $11.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s price objective indicates a potential upside of 30.12% from the stock’s previous close.

AIOT has been the topic of a number of other research reports. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 price target on shares of Powerfleet in a research note on Thursday, February 6th. Northland Securities boosted their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, William Blair reiterated an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st.

Powerfleet Stock Performance

Shares of NASDAQ AIOT traded up $0.65 during midday trading on Tuesday, reaching $8.45. 2,355,413 shares of the stock were exchanged, compared to its average volume of 2,090,348. Powerfleet has a 12 month low of $2.85 and a 12 month high of $8.62. The company has a current ratio of 1.71, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The business has a 50-day simple moving average of $6.40 and a two-hundred day simple moving average of $5.62.

Powerfleet (NASDAQ:AIOT) last posted its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). On average, analysts anticipate that Powerfleet will post -0.14 earnings per share for the current fiscal year.

Insider Transactions at Powerfleet

In related news, insider Catherine J. Lewis sold 82,010 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were 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 approximately $1,698,782.10. This trade represents a 25.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.79% of the company’s stock.

Institutional Investors Weigh In On Powerfleet

Institutional investors and hedge funds have recently modified their holdings of the company. Royce & Associates LP acquired a new position in Powerfleet during the fourth quarter worth approximately $24,487,000. Private Management Group Inc. acquired a new position in shares of Powerfleet during the 4th quarter worth approximately $23,147,000. AEGON ASSET MANAGEMENT UK Plc bought a new stake in Powerfleet in the 4th quarter valued at $11,034,000. Hodges Capital Management Inc. bought a new stake in Powerfleet in the 4th quarter valued at $10,982,000. Finally, AMH Equity Ltd acquired a new stake in shares of Powerfleet during the 4th quarter worth about $7,819,000. 73.40% of the stock is owned by institutional investors.

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.