Powerfleet (NASDAQ:AIOT) Hits New 12-Month Low – Here’s What Happened

Powerfleet, Inc. (NASDAQ:AIOT) shares reached a new 52-week low on Saturday . The company traded as low as $3.70 and last traded at $4.27, with a volume of 7720566 shares traded. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Lake Street Capital upped their price objective on shares of Powerfleet from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Barrington Research reaffirmed an “outperform” rating and issued a $15.00 price target on shares of Powerfleet in a report on Thursday, February 13th. Finally, Northland Securities lifted their price objective on Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th.

Powerfleet Price Performance

The firm’s 50 day moving average price is $6.42 and its two-hundred day moving average price is $6.10. 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 (NASDAQ:AIOT) last issued its quarterly earnings data 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). As a group, equities analysts forecast that Powerfleet, Inc. will post -0.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. California State Teachers Retirement System purchased a new stake in shares of Powerfleet in the 4th quarter valued at approximately $46,000. Josh Arnold Investment Consultant LLC purchased a new stake in Powerfleet in the fourth quarter valued at approximately $117,000. AWM Investment Company Inc. acquired a new position in Powerfleet during the fourth quarter worth $31,000,000. Ashford Capital Management Inc. purchased a new position in shares of Powerfleet during the fourth quarter worth $856,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Powerfleet during the fourth quarter worth $4,143,000. 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.