Hodges Capital Management Inc. Makes New $10.98 Million Investment in Powerfleet, Inc. (NASDAQ:AIOT)

Hodges Capital Management Inc. purchased a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,648,910 shares of the company’s stock, valued at approximately $10,982,000. Hodges Capital Management Inc. owned approximately 1.25% of Powerfleet at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Financial Management Professionals Inc. acquired a new stake in shares of Powerfleet in the 4th quarter valued at approximately $50,000. Spire Wealth Management acquired a new stake in shares of Powerfleet in the fourth quarter valued at about $55,000. SG Americas Securities LLC bought a new position in Powerfleet during the 4th quarter worth approximately $228,000. Yarbrough Capital LLC bought a new stake in Powerfleet during the fourth quarter valued at $372,000. Finally, Inspire Investing LLC bought a new stake in shares of Powerfleet during the 4th quarter valued at about $398,000. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Powerfleet

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AIOT. Barrington Research upped their target price on Powerfleet from $10.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. Northland Securities lifted their target price on shares of Powerfleet from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, William Blair reissued an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st.

Powerfleet Price Performance

AIOT opened at $5.91 on Monday. The stock’s 50 day moving average price is $6.52 and its 200-day moving average price is $5.58. 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, Inc. has a 52-week low of $2.85 and a 52-week high of $7.38.

Powerfleet (NASDAQ:AIOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $77.02 million during the quarter, compared to analysts’ expectations of $74.54 million. During the same quarter in the prior year, the company posted ($0.14) earnings per share. Analysts forecast that Powerfleet, Inc. will post -0.14 EPS for the current year.

Powerfleet 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.