Bank of New York Mellon Corp Takes Position in Powerfleet, Inc. (NASDAQ:AIOT)

Bank of New York Mellon Corp purchased a new stake in Powerfleet, Inc. (NASDAQ:AIOT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 246,854 shares of the company’s stock, valued at approximately $1,644,000.

Several other hedge funds have also modified their holdings of the business. Financial Management Professionals Inc. acquired a new stake in shares of Powerfleet in the 4th quarter valued at approximately $50,000. Spire Wealth Management acquired a new stake in shares of Powerfleet in the 4th quarter valued at approximately $55,000. Private Advisor Group LLC acquired a new stake in shares of Powerfleet in the 4th quarter valued at approximately $68,000. New York State Common Retirement Fund acquired a new stake in shares of Powerfleet in the 4th quarter valued at approximately $113,000. Finally, Bfsg LLC acquired a new stake in shares of Powerfleet in the 4th quarter valued at approximately $178,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AIOT. Northland Securities raised their price objective on Powerfleet from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Tuesday, February 11th. Barrington Research reissued an “outperform” rating and set a $15.00 price target on shares of Powerfleet in a research report on Thursday, February 13th. Finally, Lake Street Capital raised their price target on Powerfleet from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th.

Powerfleet Trading Up 0.5 %

Shares of NASDAQ:AIOT opened at $5.85 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.21 and a debt-to-equity ratio of 0.51. Powerfleet, Inc. has a 52 week low of $3.99 and a 52 week high of $8.71. The business has a fifty day simple moving average of $6.53 and a 200-day simple moving average of $6.05.

Powerfleet (NASDAQ:AIOT) last announced its quarterly earnings data on Monday, February 10th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.13). On average, sell-side analysts predict that Powerfleet, Inc. will post -0.32 EPS for the current year.

Powerfleet 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.