Powerfleet (NASDAQ:AIOT) Shares Gap Down – Here’s What Happened

Powerfleet, Inc. (NASDAQ:AIOT) shares gapped down before the market opened on Wednesday . The stock had previously closed at $8.51, but opened at $8.13. Powerfleet shares last traded at $8.18, with a volume of 728,715 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AIOT. Barrington Research reissued an “outperform” rating and issued a $15.00 price target on shares of Powerfleet in a report on Thursday, February 6th. William Blair restated an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. 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. Finally, Lake Street Capital upped their target price on Powerfleet from $7.00 to $11.00 and gave the company a “buy” rating in a report on Tuesday.

Powerfleet Stock Down 6.2 %

The company’s fifty day simple moving average is $6.45 and its 200 day simple moving average is $5.67. The company has a quick ratio of 1.51, a current ratio of 1.71 and a debt-to-equity ratio of 0.25.

Powerfleet (NASDAQ:AIOT) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). Sell-side analysts predict that Powerfleet, Inc. will post -0.14 EPS for the current fiscal year.

Insider Activity at Powerfleet

In other news, insider Catherine J. Lewis sold 82,010 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $7.05, for a total value of $578,170.50. Following the sale, the insider now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 7.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Powerfleet

A number of hedge funds have recently bought and sold shares of AIOT. Vanguard Group Inc. bought a new stake in Powerfleet during the 4th quarter valued at about $43,134,000. Royce & Associates LP purchased a new position in Powerfleet in the 4th quarter worth approximately $24,487,000. Private Management Group Inc. bought a new position in Powerfleet in the 4th quarter valued at approximately $23,147,000. AEGON ASSET MANAGEMENT UK Plc purchased a new stake in Powerfleet during the 4th quarter valued at $11,034,000. Finally, Hodges Capital Management Inc. bought a new stake in shares of Powerfleet in the 4th quarter worth $10,982,000. 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.