PowerFleet, Inc. (NASDAQ:PWFL) Short Interest Up 26.4% in June

PowerFleet, Inc. (NASDAQ:PWFL) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 1,820,000 shares, an increase of 26.4% from the May 31st total of 1,440,000 shares. Based on an average trading volume of 914,800 shares, the days-to-cover ratio is presently 2.0 days.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PWFL shares. Canaccord Genuity Group increased their price target on shares of PowerFleet from $6.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, March 13th. Northland Securities initiated coverage on shares of PowerFleet in a report on Monday, March 18th. They issued an “outperform” rating and a $7.00 target price for the company. William Blair reissued an “outperform” rating on shares of PowerFleet in a research note on Wednesday, May 1st. StockNews.com upgraded PowerFleet from a “sell” rating to a “hold” rating in a report on Thursday, June 27th. Finally, Lake Street Capital lifted their price objective on PowerFleet from $4.00 to $7.00 and gave the stock a “buy” rating in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, PowerFleet presently has an average rating of “Moderate Buy” and an average target price of $8.43.

Institutional Trading of PowerFleet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PWFL. Perritt Capital Management Inc. lifted its stake in shares of PowerFleet by 1.2% during the first quarter. Perritt Capital Management Inc. now owns 307,922 shares of the company’s stock valued at $1,644,000 after buying an additional 3,734 shares during the period. Worth Venture Partners LLC lifted its stake in shares of PowerFleet by 17.7% during the 3rd quarter. Worth Venture Partners LLC now owns 31,111 shares of the company’s stock worth $64,000 after purchasing an additional 4,679 shares during the period. Kennedy Capital Management LLC boosted its holdings in shares of PowerFleet by 3.7% during the first quarter. Kennedy Capital Management LLC now owns 145,735 shares of the company’s stock worth $778,000 after purchasing an additional 5,160 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of PowerFleet in the first quarter valued at $65,000. Finally, Victory Capital Management Inc. acquired a new position in PowerFleet in the fourth quarter valued at $112,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

PowerFleet Price Performance

PowerFleet has a 1 year low of $1.64 and a 1 year high of $5.67. The business’s fifty day moving average is $4.85 and its two-hundred day moving average is $3.97.

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.