Lake Street Capital Forecasts Strong Price Appreciation for Powerfleet (NASDAQ:AIOT) Stock

Powerfleet (NASDAQ:AIOT) had its target price upped by analysts at Lake Street Capital from $7.00 to $11.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s target price points to a potential upside of 39.59% from the company’s current price.

Other analysts also recently issued reports about the company. Barrington Research restated an “outperform” rating and set a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 6th. Northland Securities upped their price objective on Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, William Blair restated an “outperform” rating on shares of Powerfleet in a research report on Thursday, November 21st.

Powerfleet Price Performance

NASDAQ:AIOT opened at $7.88 on Tuesday. The stock has a fifty day moving average price of $6.45 and a 200-day moving average price of $5.67. 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 has a fifty-two week low of $2.85 and a fifty-two week high of $8.71.

Powerfleet (NASDAQ:AIOT) last released its 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). As a group, research analysts forecast that Powerfleet will post -0.14 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Catherine J. Lewis sold 82,010 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $7.05, for a total value of $578,170.50. Following the completion of the sale, the insider now owns 240,962 shares of the company’s stock, valued at approximately $1,698,782.10. This represents a 25.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 7.79% of the company’s stock.

Institutional Investors Weigh In On Powerfleet

Several institutional investors and hedge funds have recently made changes to their positions in AIOT. Vanguard Group Inc. acquired a new stake in Powerfleet during the fourth quarter worth approximately $43,134,000. Royce & Associates LP acquired a new stake in Powerfleet during the fourth quarter worth approximately $24,487,000. Private Management Group Inc. acquired a new stake in Powerfleet during the fourth quarter worth approximately $23,147,000. Geode Capital Management LLC bought a new position in Powerfleet in the fourth quarter worth approximately $15,938,000. Finally, Bandera Partners LLC bought a new position in Powerfleet in the fourth quarter worth approximately $12,416,000. Institutional investors and hedge funds own 73.40% 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.