PowerFleet (NASDAQ:PWFL) Upgraded to “Hold” by StockNews.com

PowerFleet (NASDAQ:PWFL) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Thursday.

Several other equities analysts have also recently weighed in on the company. Northland Securities started coverage on PowerFleet in a research report on Monday, March 18th. They set an “outperform” rating and a $7.00 price objective for the company. Canaccord Genuity Group boosted their price objective on PowerFleet from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, March 13th. Lake Street Capital boosted their price objective on PowerFleet from $4.00 to $7.00 and gave the stock a “buy” rating in a research report on Wednesday, March 13th. Barrington Research upped their price target on PowerFleet from $7.00 to $10.00 and gave the company an “outperform” rating in a report on Tuesday, April 30th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $7.00 price target on shares of PowerFleet in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, PowerFleet currently has an average rating of “Moderate Buy” and a consensus price target of $8.43.

PowerFleet Price Performance

Shares of NASDAQ PWFL traded up $0.15 during trading hours on Thursday, hitting $4.56. 1,340,763 shares of the company’s stock were exchanged, compared to its average volume of 654,480. PowerFleet has a 1-year low of $1.64 and a 1-year high of $5.67. The stock has a market capitalization of $489.52 million, a price-to-earnings ratio of -14.71 and a beta of 1.75. The company’s 50-day moving average price is $4.83 and its 200-day moving average price is $3.93.

Hedge Funds Weigh In On PowerFleet

A number of hedge funds have recently modified their holdings of PWFL. AMH Equity Ltd acquired a new position in shares of PowerFleet in the 1st quarter worth approximately $5,874,000. Vanguard Group Inc. raised its holdings in shares of PowerFleet by 68.0% in the 1st quarter. Vanguard Group Inc. now owns 2,610,121 shares of the company’s stock worth $13,938,000 after buying an additional 1,056,684 shares in the last quarter. Private Capital Management LLC raised its holdings in shares of PowerFleet by 10.5% in the 4th quarter. Private Capital Management LLC now owns 5,778,189 shares of the company’s stock worth $19,761,000 after buying an additional 549,495 shares in the last quarter. Pinnacle Associates Ltd. acquired a new position in shares of PowerFleet in the 1st quarter worth approximately $1,377,000. Finally, Ancora Advisors LLC acquired a new position in shares of PowerFleet in the 1st quarter worth approximately $1,258,000. 73.40% of the stock is owned by institutional investors and hedge funds.

PowerFleet Company Profile

PowerFleet, Inc provides wireless Internet-of-Things (IoT) 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.