Powerfleet (NASDAQ:AIOT) Shares Up 8.6% Following Analyst Upgrade

Shares of Powerfleet, Inc. (NASDAQ:AIOT) shot up 8.6% during mid-day trading on Tuesday after Lake Street Capital raised their price target on the stock from $7.00 to $11.00. Lake Street Capital currently has a buy rating on the stock. Powerfleet traded as high as $8.43 and last traded at $8.47. 910,251 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 2,035,969 shares. The stock had previously closed at $7.80.

Several other research analysts have also commented on the company. Northland Securities lifted their price target on Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday. William Blair reaffirmed an “outperform” rating on shares of Powerfleet in a research note on Thursday, November 21st. Finally, Barrington Research reissued an “outperform” rating and issued a $15.00 price target on shares of Powerfleet in a research note on Thursday, February 6th.

Insider Buying and Selling

In other news, insider Catherine J. Lewis sold 82,010 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $7.05, for a total transaction of $578,170.50. Following the completion of the transaction, the insider now directly owns 240,962 shares in the company, valued at $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 SEC, which is available at the SEC website. Corporate 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. Signaturefd LLC acquired a new position in Powerfleet in the 4th quarter valued at about $25,000. Financial Management Professionals Inc. acquired a new position in shares of Powerfleet in the fourth quarter valued at approximately $50,000. Spire Wealth Management purchased a new stake in Powerfleet during the 4th quarter worth approximately $55,000. Private Advisor Group LLC acquired a new stake in Powerfleet during the 4th quarter worth approximately $68,000. Finally, HighTower Advisors LLC purchased a new position in Powerfleet in the 4th quarter valued at approximately $84,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Powerfleet Price Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.71 and a quick ratio of 1.51. The company’s 50 day simple moving average is $6.42 and its 200 day simple moving average is $5.64.

Powerfleet (NASDAQ:AIOT) last issued its quarterly 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). On average, sell-side analysts anticipate that Powerfleet, Inc. will post -0.14 earnings per share for the current fiscal year.

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.