Northland Securities Forecasts Strong Price Appreciation for Powerfleet (NASDAQ:AIOT) Stock

Powerfleet (NASDAQ:AIOT) had its price target lifted by equities research analysts at Northland Securities from $10.00 to $11.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Northland Securities’ price objective suggests a potential upside of 41.03% from the company’s previous close.

AIOT has been the topic of a number of other reports. William Blair reissued an “outperform” rating on shares of Powerfleet in a report on Thursday, November 21st. Barrington Research reissued an “outperform” rating and set a $15.00 target price on shares of Powerfleet in a research note on Thursday, February 6th.

Powerfleet Stock Up 31.1 %

Powerfleet stock opened at $7.80 on Tuesday. Powerfleet has a 12-month low of $2.85 and a 12-month high of $8.26. The firm has a 50 day moving average of $6.40 and a 200 day moving average of $5.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.71 and a quick ratio of 1.51.

Powerfleet (NASDAQ:AIOT) last announced 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). On average, analysts expect that Powerfleet will post -0.14 earnings per share for the current fiscal year.

Insider Activity at Powerfleet

In related news, insider Catherine J. Lewis sold 82,010 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $7.05, for a total transaction 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 approximately $1,698,782.10. This represents a 25.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Powerfleet

A number of large investors have recently added to or reduced their stakes in AIOT. Royce & Associates LP bought a new position in shares of Powerfleet during the 4th quarter valued at approximately $24,487,000. Private Management Group Inc. bought a new position in Powerfleet during the fourth quarter valued at $23,147,000. AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Powerfleet in the 4th quarter worth $11,034,000. Hodges Capital Management Inc. bought a new stake in shares of Powerfleet in the 4th quarter worth about $10,982,000. Finally, AMH Equity Ltd bought a new stake in shares of Powerfleet in the 4th quarter worth about $7,819,000. Institutional investors own 73.40% of the company’s stock.

Powerfleet Company Profile

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.