Powerfleet (NASDAQ:AIOT) Stock Price Up 9.4% – Here’s What Happened

Powerfleet, Inc. (NASDAQ:AIOT)’s share price was up 9.4% during mid-day trading on Wednesday . The stock traded as high as $6.08 and last traded at $6.08. Approximately 485,295 shares changed hands during trading, a decline of 78% from the average daily volume of 2,222,979 shares. The stock had previously closed at $5.56.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. William Blair reaffirmed an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. Barrington Research increased their price target on Powerfleet from $10.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, Northland Securities boosted their price objective on shares of Powerfleet from $8.00 to $10.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd.

Powerfleet Price Performance

The business’s fifty day moving average is $6.48. 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 announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $77.02 million during the quarter, compared to analysts’ expectations of $74.54 million. During the same quarter in the previous year, the company earned ($0.14) earnings per share. As a group, equities research analysts forecast that Powerfleet, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Activity at Powerfleet

In other Powerfleet news, insider Catherine J. Lewis sold 82,010 shares of the 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 completion of the transaction, the insider now directly owns 240,962 shares of the company’s stock, 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 the SEC website. Company insiders own 7.79% of the company’s stock.

Institutional Investors Weigh In On Powerfleet

An institutional investor recently bought a new position in Powerfleet stock. Kopion Asset Management LLC bought a new position in shares of Powerfleet, Inc. (NASDAQ:AIOT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,105,205 shares of the company’s stock, valued at approximately $7,361,000. Powerfleet makes up 5.2% of Kopion Asset Management LLC’s investment portfolio, making the stock its 10th biggest holding. Kopion Asset Management LLC owned approximately 0.84% of Powerfleet at the end of the most recent reporting period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Powerfleet

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.