PowerFleet (NASDAQ:PWFL) Price Target Lowered to $6.00 at Canaccord Genuity Group

PowerFleet (NASDAQ:PWFL – Get Rating) had its price target decreased by Canaccord Genuity Group from $9.00 to $6.00 in a research note issued to investors on Wednesday, The Fly reports. Canaccord Genuity Group currently has a buy rating on the stock.

PWFL has been the subject of a number of other reports. StockNews.com began coverage on shares of PowerFleet in a research note on Thursday, March 31st. They issued a hold rating for the company. Canaccord Genuity Group dropped their price objective on shares of PowerFleet from $12.00 to $9.00 and set a buy rating for the company in a research note on Thursday, March 10th. Lake Street Capital dropped their price objective on shares of PowerFleet from $9.00 to $7.00 in a research note on Thursday, March 10th. Barrington Research cut shares of PowerFleet from an outperform rating to a market perform rating in a research note on Tuesday. Finally, Zacks Investment Research raised shares of PowerFleet from a sell rating to a hold rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $7.33.

PWFL opened at $2.28 on Wednesday. The stock has a market capitalization of $82.42 million, a price-to-earnings ratio of -4.07 and a beta of 1.72. The company has a fifty day moving average of $2.93 and a 200 day moving average of $4.27. PowerFleet has a fifty-two week low of $2.21 and a fifty-two week high of $7.74. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.57 and a current ratio of 1.91.

PowerFleet (NASDAQ:PWFL – Get Rating) last posted its earnings results on Wednesday, March 9th. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.14). The company had revenue of $34.42 million for the quarter, compared to analysts’ expectations of $31.45 million. PowerFleet had a negative net margin of 11.07% and a negative return on equity of 15.11%. On average, equities research analysts forecast that PowerFleet will post -0.32 earnings per share for the current year.

In related news, CEO Steven Mark Towe acquired 31,754 shares of the firm’s stock in a transaction that occurred on Wednesday, March 16th. The stock was bought at an average price of $3.15 per share, for a total transaction of $100,025.10. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael Brodsky acquired 18,226 shares of the firm’s stock in a transaction that occurred on Tuesday, March 15th. The shares were bought at an average price of $2.91 per share, with a total value of $53,037.66. The disclosure for this purchase can be found here. 10.24% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PWFL. Goldman Sachs Group Inc. bought a new stake in PowerFleet during the 4th quarter valued at about $66,000. Jump Financial LLC purchased a new position in PowerFleet during the 3rd quarter valued at about $70,000. Citadel Advisors LLC increased its position in PowerFleet by 954.1% during the 4th quarter. Citadel Advisors LLC now owns 28,766 shares of the company’s stock valued at $136,000 after purchasing an additional 26,037 shares during the period. Morgan Stanley increased its position in PowerFleet by 63.9% during the 2nd quarter. Morgan Stanley now owns 19,652 shares of the company’s stock valued at $142,000 after purchasing an additional 7,661 shares during the period. Finally, Precision Wealth Strategies LLC increased its position in PowerFleet by 9.9% during the 1st quarter. Precision Wealth Strategies LLC now owns 53,870 shares of the company’s stock valued at $160,000 after purchasing an additional 4,856 shares during the period. Institutional investors own 68.25% of the company’s stock.

About PowerFleet (Get Rating)

PowerFleet, Inc provides wireless Internet-of-Things asset management solutions in the United States, Israel, and internationally. The company offers real-time intelligence for organizations to capture IoT data from various types of assets with devices and sensors to increase efficiencies, and improve safety and security, as well as increase their profitability in easy-to-understand reports, dashboards, and real-time alerts; and application programming interfaces for additional integrations and development to boost other enterprise management systems and third-party applications.

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