Spire Wealth Management Invests $55,000 in Powerfleet, Inc. (NASDAQ:AIOT)

In the fourth quarter, Spire Wealth Management made a new investment in Powerfleet, Inc. (NASDAQ:AIOT) as detailed in its latest Form 13F filing with the Securities and Exchange Commission (SEC). The investment consists of 8,300 shares of Powerfleet, which amounts to approximately $55,000.

Other hedge funds have also recently adjusted their positions in Powerfleet. For instance, Financial Management Professionals Inc. acquired a new stake valued at about $50,000 during the same quarter. Additionally, SG Americas Securities LLC purchased a position worth $228,000, while Yarbrough Capital LLC invested $372,000. Furthermore, Inspire Investing LLC established a stake worth $398,000. Notably, Kopion Asset Management LLC made a significant investment of $7,361,000 in Powerfleet. Collectively, institutional and hedge fund investors own around 73.40% of the company's stock.

Powerfleet Market Performance

On Monday, Powerfleet's shares opened at $5.95. The company's 50-day moving average stands at $6.40, whereas the two-hundred day moving average is $5.61. Over the past year, Powerfleet's stock reached a low of $2.85 and a high of $7.38. The company has a current ratio of 1.71, a quick ratio of 1.51, and a debt-to-equity ratio of 0.25.

Powerfleet reported its earnings on November 12th, revealing an earnings per share (EPS) of ($0.02) for the last quarter, which was short of the consensus estimate of ($0.01). The company generated revenue of $77.02 million during that quarter, outperforming predictions that estimated $74.54 million. In the same quarter of the previous year, Powerfleet had an EPS of ($0.14). Analysts forecast that Powerfleet will report an EPS of -0.14 for the current fiscal year.

Insider Transactions

In other news related to Powerfleet, insider Catherine J. Lewis sold 82,010 shares of the company on December 5th. This sale occurred at an average price of $7.05, bringing in a total of $578,170.50. After this transaction, Lewis retains ownership of 240,962 shares valued at approximately $1,698,782.10, indicating a 25.39% reduction in their stake. Details of this trade were disclosed in a filing with the SEC.

Analyst Ratings and Projections

Several analysts have recently shared their insights regarding Powerfleet. Barrington Research reaffirmed an "outperform" rating with a price target of $15.00. Similarly, William Blair also maintained an "outperform" rating in a report from November 21st. Moreover, Northland Securities increased their target price for Powerfleet from $8.00 to $10.00, continuing to give the company an "outperform" rating.

About Powerfleet

Powerfleet, Inc. specializes in providing fleet management solutions across various sectors, including logistics and industrial applications. The company focuses on wireless Internet of Things (IoT) technologies and machine-to-machine solutions that help secure and manage enterprise assets, such as commercial vehicles and trailers.

Investment, Stocks, Management