StockNews.com Initiates Coverage on PowerFleet (NASDAQ:PWFL)

StockNews.com initiated coverage on shares of PowerFleet (NASDAQ:PWFLGet Rating) in a research report sent to investors on Monday morning. The brokerage issued a hold rating on the stock.

Other equities research analysts also recently issued reports about the company. Barrington Research downgraded PowerFleet from an outperform rating to a market perform rating in a report on Tuesday, May 10th. Canaccord Genuity Group lowered their price target on PowerFleet from $9.00 to $6.00 and set a buy rating on the stock in a research report on Wednesday, May 11th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, PowerFleet presently has an average rating of Moderate Buy and a consensus price target of $7.33.

PowerFleet Stock Up 10.0 %

PowerFleet stock opened at $2.75 on Monday. The company has a market capitalization of $99.35 million, a P/E ratio of -4.91 and a beta of 1.67. The firm’s fifty day simple moving average is $2.36 and its 200-day simple moving average is $2.89. The company has a current ratio of 1.91, a quick ratio of 1.45 and a debt-to-equity ratio of 0.18. PowerFleet has a 1-year low of $2.06 and a 1-year high of $7.38.

PowerFleet (NASDAQ:PWFLGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.01. PowerFleet had a negative return on equity of 15.11% and a negative net margin of 11.07%. The business had revenue of $33.16 million during the quarter, compared to analysts’ expectations of $31.95 million. Sell-side analysts forecast that PowerFleet will post -0.39 earnings per share for the current fiscal year.

Insider Activity at PowerFleet

In other PowerFleet news, Director Charles Frumberg sold 11,716 shares of the business’s stock in a transaction on Monday, May 16th. The stock was sold at an average price of $2.24, for a total value of $26,243.84. Following the transaction, the director now owns 27,699 shares of the company’s stock, valued at $62,045.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On PowerFleet

A number of large investors have recently modified their holdings of PWFL. Oak Family Advisors LLC lifted its holdings in PowerFleet by 29.6% during the 2nd quarter. Oak Family Advisors LLC now owns 108,327 shares of the company’s stock worth $235,000 after buying an additional 24,715 shares in the last quarter. Equitable Trust Co. lifted its stake in shares of PowerFleet by 22.9% during the second quarter. Equitable Trust Co. now owns 136,353 shares of the company’s stock valued at $296,000 after acquiring an additional 25,400 shares during the period. Penn Capital Management Company LLC bought a new position in PowerFleet in the first quarter valued at about $715,000. State Street Corp increased its position in PowerFleet by 5.1% in the first quarter. State Street Corp now owns 121,623 shares of the company’s stock worth $361,000 after purchasing an additional 5,873 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in PowerFleet during the 1st quarter worth about $39,000. 68.25% of the stock is currently owned by institutional investors and hedge funds.

About PowerFleet

(Get Rating)

PowerFleet, Inc provides wireless Internet-of-Things 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.

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