Powerfleet (NASDAQ:AIOT) Stock Price Down 8.3% - Here's Why

Powerfleet, Inc. (NASDAQ:AIOT - Get Free Report)'s share price dropped 8.3% during mid-day trading on Thursday . The stock traded as low as $6.03 and last traded at $6.00. Approximately 492,909 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 2,238,105 shares. The stock had previously closed at $6.54.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Barrington Research reiterated an "outperform" rating and set a $15.00 price target on shares of Powerfleet in a report on Thursday, February 13th. Northland Securities upped their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Tuesday, February 11th. Lake Street Capital raised their target price on Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. Finally, William Blair reaffirmed an "outperform" rating on shares of Powerfleet in a research report on Thursday, November 21st.

Powerfleet Price Performance

The company's fifty day simple moving average is $6.62 and its 200 day simple moving average is $5.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.21 and a quick ratio of 1.02.

Powerfleet (NASDAQ:AIOT - Get Free Report) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.13). Equities research analysts expect that Powerfleet, Inc. will post -0.32 EPS for the current year.

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Hedge Funds Weigh In On Powerfleet

A number of institutional investors have recently added to or reduced their stakes in the company. Signaturefd LLC bought a new stake in Powerfleet during the fourth quarter worth about $25,000. Comerica Bank bought a new stake in shares of Powerfleet in the 4th quarter worth approximately $42,000. Financial Management Professionals Inc. purchased a new stake in shares of Powerfleet in the 4th quarter worth approximately $50,000. Spire Wealth Management bought a new position in Powerfleet during the 4th quarter valued at approximately $55,000. Finally, Legal & General Group Plc purchased a new position in Powerfleet during the fourth quarter valued at $58,000. Institutional investors own 73.40% of the company's stock.

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.