Barrington Research Reiterates “Outperform” Rating for Powerfleet (NASDAQ:AIOT)

Powerfleet (NASDAQ:AIOT)‘s stock had its “outperform” rating reiterated by equities research analysts at Barrington Research in a note issued to investors on Thursday,Benzinga reports. They presently have a $15.00 target price on the stock. Barrington Research’s price target indicates a potential upside of 90.36% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. William Blair reiterated an “outperform” rating on shares of Powerfleet in a research report on Thursday, November 21st. Lake Street Capital increased their price objective on shares of Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Northland Securities boosted their target price on Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Tuesday.

Powerfleet Stock Down 7.4 %

AIOT stock opened at $7.88 on Thursday. 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 stock has a 50-day moving average price of $6.45 and a 200-day moving average price of $5.67. Powerfleet has a 1-year low of $2.85 and a 1-year high of $8.71.

Powerfleet (NASDAQ:AIOT) last issued its earnings results 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). Equities research analysts expect that Powerfleet will post -0.14 earnings per share for the current year.

Insider Activity at Powerfleet

In related news, insider Catherine J. Lewis sold 82,010 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $7.05, for a total value of $578,170.50. Following the sale, the insider now 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 legal filing with the SEC, which is available at this link. 7.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Powerfleet

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. purchased a new stake in shares of Powerfleet in the fourth quarter worth approximately $43,134,000. Royce & Associates LP bought a new stake in Powerfleet during the fourth quarter worth $24,487,000. Private Management Group Inc. purchased a new stake in Powerfleet in the 4th quarter valued at $23,147,000. Geode Capital Management LLC bought a new position in Powerfleet during the 4th quarter valued at $15,938,000. Finally, Bandera Partners LLC bought a new position in Powerfleet during the 4th quarter valued at $12,416,000. 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.