Powerfleet (NASDAQ:AIOT) Shares Up 8.5% – Here’s What Happened

Powerfleet, Inc. (NASDAQ:AIOT) shares were up 8.5% on Monday . The company traded as high as $4.78 and last traded at $4.63. Approximately 726,291 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 1,517,562 shares. The stock had previously closed at $4.27.

Wall Street Analyst Weigh In

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

Powerfleet Trading Up 5.4 %

The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51. The stock’s 50-day moving average is $6.42 and its 200 day moving average is $6.12.

Powerfleet (NASDAQ:AIOT) last announced its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.13). On average, equities research analysts predict that Powerfleet, Inc. will post -0.32 EPS for the current year.

Institutional Investors Weigh In On Powerfleet

Large investors have recently made changes to their positions in the company. AEGON ASSET MANAGEMENT UK Plc bought a new position in Powerfleet during the fourth quarter valued at approximately $11,034,000. Kopion Asset Management LLC bought a new position in shares of Powerfleet during the 4th quarter valued at $7,361,000. Hodges Capital Management Inc. acquired a new stake in shares of Powerfleet in the 4th quarter valued at $10,982,000. Inspire Investing LLC bought a new position in Powerfleet during the fourth quarter valued at about $398,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Powerfleet in the fourth quarter worth about $118,000. 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.