Powerfleet (NASDAQ:AIOT) Stock Price Down 4.1% - Here's What Happened

Powerfleet, Inc. (NASDAQ:AIOT - Get Free Report) was down 4.1% on Thursday . The stock traded as low as $6.37 and last traded at $6.39. Approximately 556,047 shares traded hands during trading, a decline of 44% from the average daily volume of 987,878 shares. The stock had previously closed at $6.66.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AIOT. Barrington Research boosted their price objective on Powerfleet from $10.00 to $15.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd. William Blair reiterated an "outperform" rating on shares of Powerfleet in a report on Thursday, November 21st. Finally, Northland Securities increased their price objective 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.

Powerfleet Trading Down 5.4 %

The company has a quick ratio of 1.51, a current ratio of 1.71 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $6.33.

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

Insider Buying and Selling

In related 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 value of $578,170.50. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.79% of the stock is owned by company insiders.

Powerfleet Company Profile

PowerFleet, Inc provides wireless Internet-of-Things asset management solutions in the United States, Israel, and internationally. The company offers real-time intelligence for organizations to capture IoT data from various types of assets with devices and sensors to increase efficiencies, and improve safety and security, as well as increase their profitability in easy-to-understand reports, dashboards, and real-time alerts; and application programming interfaces for additional integrations and development to boost other enterprise management systems and third-party applications.