Geode Capital Management LLC Makes New $15.94 Million Investment in Powerfleet, Inc. (NASDAQ:AIOT)

Geode Capital Management LLC acquired a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 2,392,562 shares of the company's stock, valued at approximately $15,938,000. Geode Capital Management LLC owned 1.81% of Powerfleet at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Signaturefd LLC purchased a new stake in Powerfleet in the 4th quarter worth approximately $25,000. Financial Management Professionals Inc. purchased a new stake in shares of Powerfleet in the fourth quarter worth $50,000. Spire Wealth Management bought a new stake in shares of Powerfleet during the 4th quarter valued at $55,000. Private Advisor Group LLC purchased a new position in shares of Powerfleet during the 4th quarter valued at $68,000. Finally, HighTower Advisors LLC bought a new position in Powerfleet in the 4th quarter worth $84,000. 73.40% of the stock is owned by institutional investors.

Powerfleet Trading Up 7.9 %

Shares of NASDAQ:AIOT traded up $0.38 during trading hours on Thursday, hitting $5.13. 752,924 shares of the company's stock traded hands, compared to its average volume of 1,529,939. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average price of $5.82 and a 200-day moving average price of $6.07. Powerfleet, Inc. has a 1 year low of $3.70 and a 1 year high of $8.71.

Powerfleet (NASDAQ:AIOT - Get Free Report) last announced 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). Equities research analysts anticipate that Powerfleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AIOT shares. Lake Street Capital raised their target price on shares of Powerfleet from $7.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday, February 11th. Northland Securities increased their price target on Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Tuesday, February 11th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $15.00 price objective on shares of Powerfleet in a research note on Thursday, February 13th.

Powerfleet 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.