Powerfleet (NASDAQ:AIOT) Shares Gap Down – Here’s What Happened

Shares of Powerfleet, Inc. (NASDAQ:AIOT) gapped down prior to trading on Wednesday . The stock had previously closed at $8.51, but opened at $8.13. Powerfleet shares last traded at $8.18, with a volume of 728,715 shares traded.

Analyst Ratings Changes

Several research analysts recently weighed in on AIOT shares. Northland Securities boosted their price objective on shares of Powerfleet from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday. Lake Street Capital upped their target price on shares of Powerfleet from $7.00 to $11.00 and gave the company a “buy” rating in a research report on Tuesday. William Blair restated an “outperform” rating on shares of Powerfleet in a research report on Thursday, November 21st. Finally, Barrington Research restated an “outperform” rating and set a $15.00 target price on shares of Powerfleet in a research report on Thursday.

Powerfleet Stock Performance

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.71 and a quick ratio of 1.51. The company has a 50-day moving average price of $6.47 and a 200-day moving average price of $5.68.

Powerfleet (NASDAQ:AIOT) last issued its quarterly earnings data 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 forecast that Powerfleet, Inc. will post -0.14 EPS for the current fiscal year.

Insider Activity

In related news, insider Catherine J. Lewis sold 82,010 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $7.05, for a total transaction of $578,170.50. Following the sale, the insider now directly owns 240,962 shares in the company, valued at $1,698,782.10. This trade represents a 25.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 7.79% of the company’s stock.

Institutional Investors Weigh In On Powerfleet

Several institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC bought a new stake in Powerfleet in the 4th quarter valued at $381,000. Dimensional Fund Advisors LP bought a new stake in Powerfleet in the 4th quarter valued at $7,285,000. EAM Investors LLC acquired a new position in Powerfleet during the 4th quarter worth approximately $976,000. Jump Financial LLC acquired a new position in Powerfleet during the 4th quarter worth approximately $893,000. Finally, Ontario Teachers Pension Plan Board acquired a new position in Powerfleet during the 4th quarter worth approximately $28,543,000. 73.40% of the stock is owned by institutional investors.

About Powerfleet

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.