Vanguard Group Inc. Buys New Stake in Powerfleet, Inc. (NASDAQ:AIOT)

Vanguard Group Inc. acquired a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,476,590 shares of the company's stock, valued at approximately $43,134,000. Vanguard Group Inc. owned 4.90% of Powerfleet at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. LPL Financial LLC acquired a new stake in shares of Powerfleet during the fourth quarter valued at approximately $398,000. Sei Investments Co. purchased a new position in Powerfleet during the 4th quarter worth approximately $813,000. Quantbot Technologies LP acquired a new stake in Powerfleet during the 4th quarter valued at $347,000. Signaturefd LLC purchased a new stake in shares of Powerfleet in the fourth quarter valued at $25,000. Finally, Corient Private Wealth LLC purchased a new position in Powerfleet during the 4th quarter valued at about $1,266,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Powerfleet Stock Performance

Shares of AIOT remained flat at $4.78 during mid-day trading on Tuesday. 1,510,987 shares of the stock traded hands, compared to its average volume of 1,542,826. 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 52 week low of $3.70 and a 52 week high of $8.71. The firm's fifty day simple moving average is $6.21 and its two-hundred day simple moving average is $6.10.

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

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Wall Street Analyst Weigh In

Several research analysts have weighed in on AIOT shares. Barrington Research reiterated an "outperform" rating and issued a $15.00 price objective on shares of Powerfleet in a research note on Thursday, February 13th. Northland Securities upped their price target 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. Finally, Lake Street Capital upped their target price on Powerfleet from $7.00 to $11.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th.

Powerfleet Company Profile

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.