PowerFleet, Inc. (NASDAQ:PWFL) Short Interest Down 88.1% in April

PowerFleet, Inc. (NASDAQ:PWFL) was the target of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 827,700 shares, a drop of 88.1% from the March 31st total of 6,960,000 shares. Based on an average trading volume of 660,600 shares, the short-interest ratio is currently 1.3 days.

Institutional Investors Weigh In On PowerFleet

Hedge funds have recently added to or reduced their stakes in the stock. Private Capital Management LLC raised its holdings in shares of PowerFleet by 10.5% during the fourth quarter. Private Capital Management LLC now owns 5,778,189 shares of the company’s stock valued at $19,761,000 after buying an additional 549,495 shares during the last quarter. Sierra Summit Advisors LLC acquired a new position in PowerFleet during the 4th quarter worth $121,000. Perritt Capital Management Inc. grew its stake in shares of PowerFleet by 4.7% in the fourth quarter. Perritt Capital Management Inc. now owns 304,188 shares of the company’s stock worth $1,040,000 after purchasing an additional 13,700 shares in the last quarter. Symmetry Peak Management LLC acquired a new position in shares of PowerFleet during the fourth quarter valued at $479,000. Finally, Millrace Asset Group Inc. acquired a new position in shares of PowerFleet during the fourth quarter valued at $754,000. 73.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on PWFL shares. Lake Street Capital boosted their price objective on shares of PowerFleet from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, March 13th. TheStreet raised PowerFleet from a “d” rating to a “c-” rating in a research note on Thursday, March 14th. Raymond James reiterated an “outperform” rating and set a $7.00 target price on shares of PowerFleet in a report on Tuesday, April 2nd. William Blair began coverage on shares of PowerFleet in a report on Wednesday, April 3rd. They issued an “outperform” rating on the stock. Finally, Craig Hallum assumed coverage on shares of PowerFleet in a research note on Friday, March 15th. They set a “buy” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.00.

PowerFleet Stock Performance

Shares of NASDAQ:PWFL traded up $0.11 on Thursday, reaching $4.33. 669,608 shares of the company’s stock were exchanged, compared to its average volume of 565,936. The business’s 50-day moving average is $3.92 and its two-hundred day moving average is $3.06. The company has a quick ratio of 1.28, a current ratio of 1.71 and a debt-to-equity ratio of 0.12. PowerFleet has a fifty-two week low of $1.64 and a fifty-two week high of $5.67. The firm has a market capitalization of $467.29 million, a price-to-earnings ratio of -13.97 and a beta of 1.72.

PowerFleet (NASDAQ:PWFL) last released its quarterly earnings data on Tuesday, March 12th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.06). PowerFleet had a negative return on equity of 6.08% and a negative net margin of 3.86%. The business had revenue of $34.50 million for the quarter, compared to analyst estimates of $33.23 million. As a group, equities research analysts forecast that PowerFleet will post -0.17 EPS for the current year.

PowerFleet Company Profile

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.