Powerfleet (NASDAQ:AIOT) Shares Down 18% – What’s Next?

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

Analysts Set New Price Targets

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

Powerfleet Price Performance

The firm’s fifty day simple moving average is $6.46 and its 200-day simple moving average is $6.11. The company has a current ratio of 1.21, a quick ratio of 1.02 and a debt-to-equity ratio of 0.51.

Powerfleet (NASDAQ:AIOT) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.13). Analysts forecast that Powerfleet, Inc. will post -0.32 earnings per share for the current year.

Institutional Trading of Powerfleet

Hedge funds have recently modified their holdings of the stock. Private Capital Management LLC acquired a new stake in Powerfleet in the fourth quarter worth $45,504,000. Vanguard Group Inc. acquired a new stake in shares of Powerfleet in the 4th quarter valued at about $43,134,000. AWM Investment Company Inc. bought a new stake in Powerfleet in the 4th quarter valued at about $31,000,000. Ontario Teachers Pension Plan Board acquired a new position in Powerfleet during the 4th quarter worth approximately $28,543,000. Finally, 325 Capital LLC acquired a new stake in Powerfleet in the fourth quarter valued at approximately $24,737,000. Institutional investors own 73.40% of the company’s stock.

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.