Powerfleet (NASDAQ:AIOT) Shares Up 8.6% on Analyst Upgrade

Shares of Powerfleet, Inc. (NASDAQ:AIOT) were up 8.6% during trading on Tuesday after Northland Securities raised their price target on the stock from $10.00 to $11.00. Northland Securities currently has an outperform rating on the stock. Powerfleet traded as high as $8.43 and last traded at $8.47. Approximately 910,251 shares changed hands during trading, a decline of 55% from the average daily volume of 2,035,969 shares. The stock had previously closed at $7.80.

A number of other research analysts also recently weighed in on the stock. Barrington Research restated an “outperform” rating and set a $15.00 price objective on shares of Powerfleet in a research report on Thursday, February 6th. William Blair restated an “outperform” rating on shares of Powerfleet in a research note on Thursday, November 21st.

Insider Buying and Selling

In other news, insider Catherine J. Lewis sold 82,010 shares of the company’s 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 completion of the sale, the insider now directly owns 240,962 shares in the company, valued at $1,698,782.10. This represents a 25.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 7.79% of the stock is currently owned by insiders.

Institutional Trading of Powerfleet

Institutional investors and hedge funds have recently modified their holdings of the company. Signaturefd LLC purchased a new stake in Powerfleet in the 4th quarter worth $25,000. Financial Management Professionals Inc. bought a new position in Powerfleet during the fourth quarter valued at approximately $50,000. Spire Wealth Management bought a new position in Powerfleet during the fourth quarter valued at $55,000. Private Advisor Group LLC purchased a new stake in shares of Powerfleet in the fourth quarter valued at $68,000. Finally, HighTower Advisors LLC bought a new stake in shares of Powerfleet in the 4th quarter worth about $84,000. 73.40% of the stock is currently owned by institutional investors.

Powerfleet Stock Performance

The company has a current ratio of 1.71, a quick ratio of 1.51 and a debt-to-equity ratio of 0.25. The firm’s fifty day moving average is $6.40 and its 200 day moving average is $5.62.

Powerfleet (NASDAQ:AIOT) last issued 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, equities analysts forecast that Powerfleet, Inc. will post -0.14 EPS for the current year.

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.