Bank of New York Mellon Corp Invests $1.64 Million in Powerfleet, Inc. (NASDAQ:AIOT)

Bank of New York Mellon Corp acquired a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 246,854 shares of the company's stock, valued at approximately $1,644,000. Bank of New York Mellon Corp owned 0.19% of Powerfleet at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Financial Management Professionals Inc. bought a new position in Powerfleet during the 4th quarter worth $50,000. Spire Wealth Management acquired a new position in Powerfleet in the fourth quarter valued at about $55,000. Private Advisor Group LLC bought a new stake in Powerfleet during the fourth quarter worth about $68,000. New York State Common Retirement Fund acquired a new stake in Powerfleet during the fourth quarter worth about $113,000. Finally, Bfsg LLC bought a new position in Powerfleet in the 4th quarter valued at about $178,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Lake Street Capital upped their price target on shares of Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a report on Tuesday, February 11th. Northland Securities upped their target price on Powerfleet from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 11th. Finally, Barrington Research reiterated an "outperform" rating and issued a $15.00 price target on shares of Powerfleet in a research note on Thursday, February 13th.

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Powerfleet Stock Down 3.1 %

Shares of Powerfleet stock traded down $0.19 during midday trading on Wednesday, hitting $6.01. 1,298,449 shares of the company traded hands, compared to its average volume of 1,457,807. The firm's fifty day moving average price is $6.55 and its 200-day moving average price is $6.08. Powerfleet, Inc. has a 12 month low of $3.99 and a 12 month high of $8.71. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Powerfleet (NASDAQ:AIOT - Get Free Report) last posted its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.13). As a group, equities research analysts forecast that Powerfleet, Inc. will post -0.32 EPS 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.