Powerfleet (NASDAQ:AIOT) Shares Gap Down - Here's Why

Powerfleet, Inc. (NASDAQ:AIOT - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $8.51, but opened at $8.13. Powerfleet shares last traded at $8.18, with a volume of 728,715 shares traded.

Analyst Upgrades and Downgrades

AIOT has been the topic of a number of recent research reports. Lake Street Capital upped their target price on shares of Powerfleet from $7.00 to $11.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. William Blair reaffirmed an "outperform" rating on shares of Powerfleet in a research report on Thursday, November 21st. Barrington Research reissued an "outperform" rating and set a $15.00 price target on shares of Powerfleet in a research report on Thursday. Finally, Northland Securities raised their price objective on Powerfleet from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 11th.

Powerfleet Price Performance

The company has a current ratio of 1.71, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The business has a 50-day simple moving average of $6.52 and a 200-day simple moving average of $5.73.

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 analysts' consensus estimates of $0.02 by ($0.13). As a group, equities analysts predict that Powerfleet, Inc. will post -0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Powerfleet news, insider Catherine J. Lewis sold 82,010 shares of the company's 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 transaction, the insider now directly owns 240,962 shares of the company's stock, valued at $1,698,782.10. This represents a 25.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 7.79% of the company's stock.

Institutional Trading of Powerfleet

Several institutional investors and hedge funds have recently modified their holdings of AIOT. Vanguard Group Inc. acquired a new stake in shares of Powerfleet in the fourth quarter valued at about $43,134,000. Ontario Teachers Pension Plan Board bought a new position in Powerfleet in the fourth quarter worth approximately $28,543,000. Royce & Associates LP bought a new position in Powerfleet in the fourth quarter worth approximately $24,487,000. Private Management Group Inc. bought a new position in shares of Powerfleet in the fourth quarter valued at approximately $23,147,000. Finally, Geode Capital Management LLC bought a new position in shares of Powerfleet in the fourth quarter valued at approximately $15,938,000. 73.40% of the stock is currently owned by institutional investors.

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.