Powerfleet (NASDAQ:AIOT) Shares Down 4.1% – Here’s Why

Powerfleet, Inc. (NASDAQ:AIOT)’s stock price traded down 4.1% during trading on Thursday . The company traded as low as $6.37 and last traded at $6.39. 556,047 shares traded hands during trading, a decline of 44% from the average session volume of 987,878 shares. The stock had previously closed at $6.66.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AIOT shares. William Blair reissued an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. Northland Securities raised their target price on shares of Powerfleet from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, Barrington Research increased their price objective on shares of Powerfleet from $10.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd.

Powerfleet Stock Up 5.6 %

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 business has a 50 day moving average of $6.37.

Powerfleet (NASDAQ:AIOT) last posted its earnings results on Tuesday, November 12th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $77.02 million for the quarter, compared to the consensus estimate of $74.54 million. During the same period last year, the firm earned ($0.14) earnings per share. On average, equities analysts anticipate that Powerfleet, Inc. will post -0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Powerfleet

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

About Powerfleet

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.