Powerfleet (NASDAQ:AIOT) Shares Up 9.4% - Here's Why

Powerfleet, Inc. (NASDAQ:AIOT - Get Free Report)'s share price traded up 9.4% on Wednesday . The stock traded as high as $6.08 and last traded at $6.08. 485,295 shares were traded during mid-day trading, a decline of 78% from the average session volume of 2,222,979 shares. The stock had previously closed at $5.56.

Analyst Ratings Changes

Several equities research analysts recently commented on AIOT shares. Northland Securities upped their price target 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 increased their target price on Powerfleet from $10.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, November 22nd. Finally, William Blair restated an "outperform" rating on shares of Powerfleet in a research note on Thursday, November 21st.

Powerfleet Stock Performance

The company's fifty day moving average price is $6.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.71 and a quick ratio of 1.51.

Powerfleet (NASDAQ:AIOT - Get Free Report) last announced its 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 business had revenue of $77.02 million during the quarter, compared to analysts' expectations of $74.54 million. During the same period in the prior year, the firm earned ($0.14) earnings per share. Analysts expect that Powerfleet, Inc. will post -0.14 earnings per share for the current year.

Insider Activity

In other news, insider Catherine J. Lewis sold 82,010 shares of the firm's stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $7.05, for a total value of $578,170.50. Following the sale, the insider now owns 240,962 shares in the company, valued at approximately $1,698,782.10. This trade represents a 25.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 7.79% of the stock is currently owned by company insiders.

Institutional Trading of Powerfleet

A number of hedge funds have recently bought and sold shares of the stock. Financial Management Professionals Inc. bought a new stake in shares of Powerfleet in the fourth quarter valued at about $50,000. Yarbrough Capital LLC bought a new position in Powerfleet during the fourth quarter valued at about $372,000. Finally, Kopion Asset Management LLC acquired a new position in Powerfleet in the 4th quarter valued at approximately $7,361,000. 73.40% of the stock is owned by institutional investors.

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.