Powerfleet (NASDAQ:AIOT) Shares Down 8.3% – Time to Sell?

Powerfleet, Inc. (NASDAQ:AIOT)’s stock price dropped 8.3% during trading on Thursday . The stock traded as low as $6.03 and last traded at $6.00. Approximately 492,909 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 2,238,105 shares. The stock had previously closed at $6.54.

Wall Street Analyst Weigh In

AIOT has been the subject of several analyst reports. Northland Securities increased their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. William Blair reiterated an “outperform” rating on shares of Powerfleet in a research note on Thursday, November 21st. Barrington Research restated an “outperform” rating and set a $15.00 price target on shares of Powerfleet in a research note on Thursday, February 13th. Finally, Lake Street Capital raised their price target on shares of Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th.

Powerfleet Stock Down 1.2 %

The company’s 50 day moving average price is $6.62 and its 200-day moving average price is $5.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21.

Powerfleet (NASDAQ:AIOT) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.13). Equities analysts forecast that Powerfleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Institutional Trading of Powerfleet

Several institutional investors and hedge funds have recently made changes to their positions in AIOT. Kopion Asset Management LLC purchased a new stake in shares of Powerfleet during the 4th quarter valued at $7,361,000. Yarbrough Capital LLC purchased a new position in Powerfleet in the 4th quarter worth $372,000. Financial Management Professionals Inc. purchased a new position in Powerfleet in the 4th quarter worth $50,000. SG Americas Securities LLC purchased a new position in Powerfleet in the 4th quarter worth $228,000. Finally, Inspire Investing LLC purchased a new position in Powerfleet in the 4th quarter worth $398,000. Hedge funds and other institutional investors 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.