Private Management Group Inc. Acquires New Holdings in Powerfleet, Inc. (NASDAQ:AIOT)

Private Management Group Inc. purchased a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,475,474 shares of the company's stock, valued at approximately $23,147,000. Private Management Group Inc. owned about 2.63% of Powerfleet as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in AIOT. Financial Management Professionals Inc. bought a new position in shares of Powerfleet during the fourth quarter valued at about $50,000. Spire Wealth Management purchased a new position in Powerfleet during the 4th quarter valued at about $55,000. SG Americas Securities LLC bought a new position in Powerfleet during the 4th quarter valued at approximately $228,000. Yarbrough Capital LLC purchased a new stake in Powerfleet in the 4th quarter worth approximately $372,000. Finally, Inspire Investing LLC bought a new stake in shares of Powerfleet in the 4th quarter worth approximately $398,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

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

Powerfleet Price Performance

NASDAQ AIOT traded down $0.15 during trading hours on Friday, reaching $5.95. 2,307,178 shares of the company's stock traded hands, compared to its average volume of 1,534,284. 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 52-week low of $2.85 and a 52-week high of $7.38. The firm has a 50-day simple moving average of $6.40 and a 200 day simple moving average of $5.61.

Powerfleet (NASDAQ:AIOT - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the firm earned ($0.14) EPS. As a group, equities analysts anticipate that Powerfleet, Inc. will post -0.14 EPS for the current year.

Insiders Place Their Bets

In other Powerfleet news, insider Catherine J. Lewis sold 82,010 shares of Powerfleet stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $7.05, for a total value of $578,170.50. Following the completion of the transaction, the insider now directly owns 240,962 shares of the company's stock, valued at approximately $1,698,782.10. The trade was a 25.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 7.79% of the company's stock.

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.