Powerfleet (NASDAQ:AIOT) Earns Outperform Rating from Barrington Research

Powerfleet (NASDAQ:AIOT)‘s stock had its “outperform” rating reiterated by stock analysts at Barrington Research in a report released on Thursday,Benzinga reports. They currently have a $15.00 price objective on the stock. Barrington Research’s target price suggests a potential upside of 90.36% from the company’s previous close.

Several other brokerages have also recently weighed in on AIOT. William Blair reaffirmed an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. Lake Street Capital boosted their price target on Powerfleet from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Northland Securities upped their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday.

Powerfleet Stock Down 7.4 %

NASDAQ:AIOT opened at $7.88 on Thursday. The firm’s fifty day moving average price is $6.45 and its two-hundred day moving average price is $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 one year low of $2.85 and a one year high of $8.71.

Powerfleet (NASDAQ:AIOT) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13). On average, analysts anticipate that Powerfleet will post -0.14 EPS for the current year.

Insider Buying and Selling

In other news, insider Catherine J. Lewis sold 82,010 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $7.05, for a total transaction of $578,170.50. Following the completion of the transaction, the insider now owns 240,962 shares of the company’s stock, valued at approximately $1,698,782.10. This trade represents a 25.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Powerfleet

A number of institutional investors and hedge funds have recently bought and sold shares of AIOT. Russell Investments Group Ltd. bought a new stake in shares of Powerfleet in the 4th quarter valued at about $6,734,000. Samjo Management LLC acquired a new position in shares of Powerfleet in the fourth quarter worth approximately $9,719,000. Wells Fargo & Company MN bought a new stake in Powerfleet in the fourth quarter valued at approximately $369,000. Perritt Capital Management Inc acquired a new stake in Powerfleet during the 4th quarter valued at approximately $1,567,000. Finally, Bandera Partners LLC acquired a new stake in Powerfleet during the 4th quarter valued at approximately $12,416,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.