Hodges Capital Management Inc. Invests $10.98 Million in Powerfleet, Inc. (NASDAQ:AIOT)

Hodges Capital Management Inc. acquired a new stake in Powerfleet, Inc. (NASDAQ:AIOT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,648,910 shares of the company's stock, valued at approximately $10,982,000. Hodges Capital Management Inc. owned 1.25% of Powerfleet at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of Powerfleet in the 4th quarter valued at about $11,034,000. Kopion Asset Management LLC acquired a new position in shares of Powerfleet in the 4th quarter worth approximately $7,361,000. Inspire Investing LLC acquired a new stake in shares of Powerfleet during the fourth quarter worth $398,000. Yarbrough Capital LLC bought a new stake in Powerfleet during the fourth quarter valued at $372,000. Finally, SG Americas Securities LLC bought a new stake in shares of Powerfleet during the 4th quarter valued at about $228,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Powerfleet

In other news, insider Catherine J. Lewis sold 82,010 shares of the company's stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $7.05, for a total transaction of $578,170.50. Following the sale, the insider now directly 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 sale was disclosed in a filing with the SEC, which is available at this link. 7.79% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on AIOT shares. Northland Securities boosted their target price on shares of Powerfleet from $8.00 to $10.00 and gave the company an "outperform" rating in a research report on Friday, November 22nd. Barrington Research reaffirmed an "outperform" rating and set a $15.00 price target on shares of Powerfleet in a research note on Thursday. Finally, William Blair reiterated an "outperform" rating on shares of Powerfleet in a report on Thursday, November 21st.

Powerfleet Trading Up 1.8 %

NASDAQ:AIOT traded up $0.11 on Thursday, hitting $6.10. The stock had a trading volume of 1,678,635 shares, compared to its average volume of 1,782,872. The firm's fifty day simple moving average is $6.45 and its two-hundred day simple moving average is $5.60. 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, Inc. has a 1 year low of $2.85 and a 1 year high of $7.38.

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

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.