Powerfleet (NASDAQ:AIOT) Price Target Raised to $11.00 at Northland Securities

Powerfleet (NASDAQ:AIOT) had its price objective boosted by Northland Securities from $10.00 to $11.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Northland Securities currently has an outperform rating on the stock.

Several other research firms also recently issued reports on AIOT. William Blair restated an “outperform” rating on shares of Powerfleet in a research report on Thursday, November 21st. Barrington Research restated an “outperform” rating and issued a $15.00 target price on shares of Powerfleet in a research note on Thursday, February 6th.

Powerfleet Stock Performance

AIOT stock opened at $8.51 on Tuesday. The stock has a fifty day moving average of $6.42 and a 200-day moving average of $5.64. Powerfleet has a fifty-two week low of $2.85 and a fifty-two week high of $8.71. The company has a current ratio of 1.71, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25.

Powerfleet (NASDAQ:AIOT) last posted its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13). As a group, sell-side analysts forecast that Powerfleet will post -0.14 EPS for the current fiscal year.

Insider Activity

In related news, insider Catherine J. Lewis sold 82,010 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 240,962 shares of the company’s stock, valued at $1,698,782.10. This trade represents a 25.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 7.79% of the company’s stock.

Institutional Trading of Powerfleet

A number of hedge funds have recently made changes to their positions in AIOT. Vanguard Group Inc. bought a new position in Powerfleet in the fourth quarter valued at $43,134,000. Royce & Associates LP bought a new position in shares of Powerfleet during the 4th quarter valued at about $24,487,000. Private Management Group Inc. purchased a new position in shares of Powerfleet during the 4th quarter valued at about $23,147,000. AEGON ASSET MANAGEMENT UK Plc bought a new stake in Powerfleet in the 4th quarter worth approximately $11,034,000. Finally, Hodges Capital Management Inc. purchased a new stake in Powerfleet in the fourth quarter worth approximately $10,982,000. 73.40% of the stock is 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.