Barrington Research Reaffirms Outperform Rating for Powerfleet (NASDAQ:AIOT)

Powerfleet (NASDAQ:AIOT)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Barrington Research in a report issued on Thursday,Benzinga reports. They presently have a $15.00 price objective on the stock. Barrington Research’s target price would indicate a potential upside of 85.19% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Northland Securities upped their price target on Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday. Lake Street Capital increased their target price on Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, William Blair reaffirmed an “outperform” rating on shares of Powerfleet in a research note on Thursday, November 21st.

Powerfleet Price Performance

NASDAQ:AIOT opened at $8.10 on Thursday. The firm’s fifty day moving average price is $6.50 and its 200 day moving average price is $5.70. Powerfleet has a 1-year low of $2.85 and a 1-year 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 released its quarterly earnings data on Monday, February 10th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.13). Sell-side analysts anticipate that Powerfleet will post -0.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Catherine J. Lewis sold 82,010 shares of the 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 owns 240,962 shares in the company, valued at approximately $1,698,782.10. This represents a 25.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 7.79% of the company’s stock.

Institutional Investors Weigh In On Powerfleet

Hedge funds have recently made changes to their positions in the company. Signaturefd LLC bought a new position in shares of Powerfleet in the 4th quarter valued at about $25,000. Comerica Bank acquired a new stake in Powerfleet during the 4th quarter worth approximately $42,000. Financial Management Professionals Inc. acquired a new stake in shares of Powerfleet in the fourth quarter valued at approximately $50,000. Spire Wealth Management acquired a new stake in shares of Powerfleet in the fourth quarter valued at approximately $55,000. Finally, Legal & General Group Plc acquired a new position in Powerfleet during the fourth quarter worth $58,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.