Raymond James Financial Inc. Invests $4.73 Million in Powerfleet, Inc. (NASDAQ:AIOT)

Raymond James Financial Inc. bought a new stake in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 710,335 shares of the company's stock, valued at approximately $4,731,000. Raymond James Financial Inc. owned 0.54% of Powerfleet as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in Powerfleet during the 4th quarter worth approximately $11,034,000. Kopion Asset Management LLC acquired a new stake in shares of Powerfleet in the fourth quarter valued at about $7,361,000. Hodges Capital Management Inc. purchased a new position in shares of Powerfleet in the fourth quarter worth about $10,982,000. Inspire Investing LLC acquired a new position in Powerfleet during the fourth quarter worth about $398,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Powerfleet during the 4th quarter valued at about $118,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Powerfleet Stock Performance

Shares of Powerfleet stock traded down $0.34 during mid-day trading on Friday, hitting $5.59. The stock had a trading volume of 1,717,351 shares, compared to its average volume of 1,482,288. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21. The firm has a 50-day moving average of $6.54 and a two-hundred day moving average of $6.10. Powerfleet, Inc. has a 12-month low of $3.99 and a 12-month high of $8.71.

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Powerfleet (NASDAQ:AIOT - Get Free Report) last posted its earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13). Research analysts predict that Powerfleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

AIOT has been the topic of a number of research reports. Northland Securities raised their target price on shares of Powerfleet from $10.00 to $11.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 11th. Barrington Research reiterated an "outperform" rating and set a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 13th. Finally, Lake Street Capital upped their target price on Powerfleet from $7.00 to $11.00 and gave the company a "buy" rating in a report on Tuesday, February 11th.

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.