Powerfleet (NASDAQ:AIOT) Stock Price Down 18% – Should You Sell?

Powerfleet, Inc. (NASDAQ:AIOT) shares dropped 18% on Friday . The company traded as low as $4.19 and last traded at $3.94. Approximately 551,528 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 1,487,220 shares. The stock had previously closed at $4.80.

Wall Street Analysts Forecast Growth

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

Powerfleet Stock Performance

The stock’s fifty day moving average is $6.46 and its two-hundred day moving average is $6.11. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.21.

Powerfleet (NASDAQ:AIOT) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.13). Research analysts expect that Powerfleet, Inc. will post -0.32 EPS for the current year.

Hedge Funds Weigh In On Powerfleet

A number of hedge funds and other institutional investors have recently modified their holdings of AIOT. Signaturefd LLC purchased a new stake in Powerfleet during the fourth quarter valued at about $25,000. Comerica Bank bought a new position in shares of Powerfleet during the fourth quarter valued at approximately $42,000. California State Teachers Retirement System purchased a new stake in shares of Powerfleet in the 4th quarter worth about $46,000. Financial Management Professionals Inc. bought a new stake in Powerfleet during the 4th quarter valued at approximately $50,000. Finally, Spire Wealth Management purchased a new stake in Powerfleet in the fourth quarter worth $55,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

About Powerfleet

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.