PowerFleet (NASDAQ:PWFL) Trading 7.7% Higher

Shares of PowerFleet, Inc. (NASDAQ:PWFL) traded up 7.7% on Thursday . The stock traded as high as $4.84 and last traded at $4.75. 270,959 shares changed hands during trading, a decline of 58% from the average session volume of 645,441 shares. The stock had previously closed at $4.41.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. TheStreet raised PowerFleet from a “d” rating to a “c-” rating in a report on Thursday, March 14th. Canaccord Genuity Group upped their price objective on PowerFleet from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, March 13th. Northland Securities began coverage on PowerFleet in a research report on Monday, March 18th. They set an “outperform” rating and a $7.00 target price on the stock. William Blair reiterated an “outperform” rating on shares of PowerFleet in a research report on Wednesday, May 1st. Finally, Barrington Research upped their price target on PowerFleet from $7.00 to $10.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 30th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PowerFleet currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.43.

PowerFleet Trading Up 0.2 %

The company has a fifty day simple moving average of $4.85 and a two-hundred day simple moving average of $3.95.

Hedge Funds Weigh In On PowerFleet

Institutional investors have recently bought and sold shares of the stock. Perritt Capital Management Inc. grew its position in PowerFleet by 22.5% during the third quarter. Perritt Capital Management Inc. now owns 290,488 shares of the company’s stock worth $601,000 after buying an additional 53,300 shares in the last quarter. Kennedy Capital Management LLC bought a new position in PowerFleet in the 3rd quarter worth approximately $87,000. Worth Venture Partners LLC increased its position in shares of PowerFleet by 17.7% in the 3rd quarter. Worth Venture Partners LLC now owns 31,111 shares of the company’s stock valued at $64,000 after buying an additional 4,679 shares in the last quarter. Equitable Trust Co. increased its position in shares of PowerFleet by 35.1% in the 4th quarter. Equitable Trust Co. now owns 269,992 shares of the company’s stock valued at $923,000 after buying an additional 70,198 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in PowerFleet in the 4th quarter worth $112,000. 73.40% of the stock is currently owned by institutional investors.

About PowerFleet

PowerFleet, Inc provides wireless Internet-of-Things (IoT) 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.