Short Interest in PowerFleet, Inc. (NASDAQ:PWFL) Expands By 26.4%

PowerFleet, Inc. (NASDAQ:PWFL) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 1,820,000 shares, a growth of 26.4% from the May 31st total of 1,440,000 shares. Based on an average trading volume of 914,800 shares, the days-to-cover ratio is currently 2.0 days.

Analysts Set New Price Targets

Several research firms recently issued reports on PWFL. William Blair reaffirmed an “outperform” rating on shares of PowerFleet in a research report on Wednesday, May 1st. Northland Securities started coverage on PowerFleet in a report on Monday, March 18th. They set an “outperform” rating and a $7.00 price target on the stock. Raymond James reissued an “outperform” rating and set a $7.00 price target on shares of PowerFleet in a report on Tuesday, April 2nd. Craig Hallum started coverage on PowerFleet in a report on Friday, March 15th. They set a “buy” rating and a $9.00 price target on the stock. Finally, TheStreet raised PowerFleet from a “d” rating to a “c-” rating in a report on Thursday, March 14th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $8.43.

PowerFleet Price Performance

The stock has a market cap of $490.59 million, a price-to-earnings ratio of -14.74 and a beta of 1.69. PowerFleet has a 12 month low of $1.64 and a 12 month high of $5.67. The business has a 50 day moving average of $4.85 and a two-hundred day moving average of $3.97.

Institutional Investors Weigh In On PowerFleet

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of PowerFleet in the 1st quarter worth $331,000. Ancora Advisors LLC purchased a new stake in PowerFleet in the 1st quarter worth $1,258,000. Kennedy Capital Management LLC increased its stake in PowerFleet by 3.7% in the 1st quarter. Kennedy Capital Management LLC now owns 145,735 shares of the company’s stock worth $778,000 after buying an additional 5,160 shares in the last quarter. Black Maple Capital Management LP purchased a new stake in PowerFleet in the 1st quarter worth $185,000. Finally, Perritt Capital Management Inc. increased its stake in PowerFleet by 1.2% in the 1st quarter. Perritt Capital Management Inc. now owns 307,922 shares of the company’s stock worth $1,644,000 after buying an additional 3,734 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other 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.