Powerfleet (NASDAQ:AIOT) Trading Down 18% – Should You Sell?

Shares of Powerfleet, Inc. (NASDAQ:AIOT) dropped 18% on Friday . The company traded as low as $4.19 and last traded at $3.94. Approximately 551,528 shares were traded during trading, a decline of 63% from the average daily volume of 1,487,220 shares. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on AIOT shares. Northland Securities boosted their target price on shares of Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a report on Tuesday, February 11th. Barrington Research reissued an “outperform” rating and set a $15.00 target price on shares of Powerfleet in a research report on Thursday, February 13th. Finally, Lake Street Capital lifted their price target on shares of Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th.

Powerfleet Stock Down 11.0 %

The company’s 50-day moving average is $6.42 and its 200 day moving average is $6.11. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.21 and a quick ratio of 1.02.

Powerfleet (NASDAQ:AIOT) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). Analysts expect that Powerfleet, Inc. will post -0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On Powerfleet

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AEGON ASSET MANAGEMENT UK Plc purchased a new position in Powerfleet during the fourth quarter valued at $11,034,000. Kopion Asset Management LLC purchased a new position in Powerfleet in the 4th quarter valued at about $7,361,000. Hodges Capital Management Inc. purchased a new position in Powerfleet in the 4th quarter valued at about $10,982,000. Inspire Investing LLC acquired a new stake in Powerfleet in the 4th quarter worth about $398,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Powerfleet during the 4th quarter worth approximately $118,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Powerfleet Company Profile

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.