Raymond James Financial Inc. Purchases Shares of 710,335 Powerfleet, Inc. (NASDAQ:AIOT)

Raymond James Financial Inc. bought a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 710,335 shares of the company's stock, valued at approximately $4,731,000. Raymond James Financial Inc. owned about 0.54% of Powerfleet as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in AIOT. Signaturefd LLC bought a new position in Powerfleet during the fourth quarter worth $25,000. Financial Management Professionals Inc. acquired a new position in shares of Powerfleet in the 4th quarter valued at about $50,000. Spire Wealth Management bought a new stake in shares of Powerfleet during the 4th quarter valued at about $55,000. Legal & General Group Plc bought a new stake in shares of Powerfleet during the 4th quarter valued at about $58,000. Finally, Private Advisor Group LLC acquired a new stake in Powerfleet during the fourth quarter worth about $68,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Raymond James decreased their target price on Powerfleet from $10.00 to $8.00 and set an "outperform" rating for the company in a research note on Tuesday. Barrington Research restated an "outperform" rating and set a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 13th. Lake Street Capital upped their price objective on Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a research note on Tuesday, February 11th. Finally, Northland Securities raised their target price on Powerfleet from $10.00 to $11.00 and gave the company an "outperform" rating in a research note on Tuesday, February 11th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $11.25.

Powerfleet Stock Down 0.6 %

AIOT traded down $0.03 during trading hours on Tuesday, hitting $5.11. The company's stock had a trading volume of 611,529 shares, compared to its average volume of 1,519,430. The company has a 50-day simple moving average of $5.64 and a 200 day simple moving average of $6.08. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a fifty-two week low of $3.70 and a fifty-two week high of $8.71.

Powerfleet (NASDAQ:AIOT - Get Free Report) last issued its quarterly earnings results 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 research analysts expect that Powerfleet, Inc. will post -0.32 earnings per share for the current year.

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.