Powerfleet (NASDAQ:AIOT) Trading 9.4% Higher – Time to Buy?

Powerfleet, Inc. (NASDAQ:AIOT) shares were up 9.4% on Wednesday . The company traded as high as $6.08 and last traded at $6.08. Approximately 485,295 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 2,222,979 shares. The stock had previously closed at $5.56.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on AIOT shares. William Blair restated an “outperform” rating on shares of Powerfleet in a research report on Thursday, November 21st. Northland Securities increased their price objective on Powerfleet from $8.00 to $10.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd. Finally, Barrington Research increased their price objective on Powerfleet from $10.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, November 22nd.

Powerfleet Stock Performance

The firm’s 50-day simple moving average is $6.51. The company has a quick ratio of 1.51, a current ratio of 1.71 and a debt-to-equity ratio of 0.25.

Powerfleet (NASDAQ:AIOT) last released its earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $77.02 million during the quarter, compared to the consensus estimate of $74.54 million. During the same period in the prior year, the firm earned ($0.14) EPS. Sell-side analysts forecast that Powerfleet, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Catherine J. Lewis sold 82,010 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $7.05, for a total value of $578,170.50. Following the completion of the sale, the insider now owns 240,962 shares in the company, valued at $1,698,782.10. This represents a 25.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 7.79% of the company’s stock.

Institutional Trading of Powerfleet

A number of hedge funds have recently modified their holdings of AIOT. Kopion Asset Management LLC purchased a new stake in shares of Powerfleet in the fourth quarter valued at $7,361,000. Yarbrough Capital LLC acquired a new position in shares of Powerfleet in the fourth quarter worth $372,000. Finally, Financial Management Professionals Inc. acquired a new position in shares of Powerfleet in the fourth quarter worth $50,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Powerfleet Company Profile

PowerFleet, Inc provides wireless Internet-of-Things asset management solutions in the United States, Israel, and internationally. The company offers real-time intelligence for organizations to capture IoT data from various types of assets with devices and sensors to increase efficiencies, and improve safety and security, as well as increase their profitability in easy-to-understand reports, dashboards, and real-time alerts; and application programming interfaces for additional integrations and development to boost other enterprise management systems and third-party applications.