Northland Securities Increases Powerfleet (NASDAQ:AIOT) Price Target to $11.00

Powerfleet (NASDAQ:AIOT) had its price objective hoisted by research analysts at Northland Securities from $10.00 to $11.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Northland Securities’ price objective suggests a potential upside of 41.03% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. William Blair restated an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. Barrington Research restated an “outperform” rating and issued a $15.00 price target on shares of Powerfleet in a report on Thursday, February 6th.

Powerfleet Trading Up 31.1 %

Shares of AIOT opened at $7.80 on Tuesday. Powerfleet has a twelve month low of $2.85 and a twelve month high of $8.26. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.71 and a quick ratio of 1.51. The company’s fifty day simple moving average is $6.40 and its 200-day simple moving average is $5.62.

Powerfleet (NASDAQ:AIOT) last posted its quarterly earnings data 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). On average, equities research analysts expect that Powerfleet will post -0.14 earnings per share for the current year.

Insider Buying and Selling at Powerfleet

In other news, insider Catherine J. Lewis sold 82,010 shares of the firm’s stock in a transaction on 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 owns 240,962 shares in the company, valued at approximately $1,698,782.10. This trade 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 this link. 7.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Powerfleet

Hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP bought a new stake in shares of Powerfleet in the 4th quarter valued at about $24,487,000. Private Management Group Inc. purchased a new position in Powerfleet during the fourth quarter valued at approximately $23,147,000. AEGON ASSET MANAGEMENT UK Plc purchased a new position in Powerfleet during the fourth quarter valued at approximately $11,034,000. Hodges Capital Management Inc. bought a new position in Powerfleet in the fourth quarter worth approximately $10,982,000. Finally, AMH Equity Ltd purchased a new stake in Powerfleet during the fourth quarter worth $7,819,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.