PowerFleet (NASDAQ:PWFL) Lowered to “Hold” at StockNews.com

StockNews.com lowered shares of PowerFleet (NASDAQ:PWFL – Get Rating) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

PowerFleet Stock Down 0.7 %

PowerFleet stock traded down $0.02 during mid-day trading on Friday, hitting $2.87. The stock had a trading volume of 55,797 shares, compared to its average volume of 91,185. The stock has a 50-day simple moving average of $2.77 and a two-hundred day simple moving average of $2.79. PowerFleet has a 12 month low of $2.06 and a 12 month high of $3.97. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.78 and a quick ratio of 1.28.

Hedge Funds Weigh In On PowerFleet

Several hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors lifted its stake in PowerFleet by 25.0% in the second quarter. Captrust Financial Advisors now owns 16,015 shares of the company’s stock valued at $35,000 after buying an additional 3,200 shares during the period. Connors Investor Services Inc. raised its position in shares of PowerFleet by 9.1% during the second quarter. Connors Investor Services Inc. now owns 41,000 shares of the company’s stock worth $89,000 after purchasing an additional 3,416 shares during the period. State Street Corp raised its position in shares of PowerFleet by 5.1% during the first quarter. State Street Corp now owns 121,623 shares of the company’s stock worth $361,000 after purchasing an additional 5,873 shares during the period. Geode Capital Management LLC raised its position in shares of PowerFleet by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 327,716 shares of the company’s stock worth $881,000 after purchasing an additional 6,702 shares during the period. Finally, Worth Venture Partners LLC acquired a new stake in shares of PowerFleet during the third quarter worth about $40,000. Institutional investors and hedge funds own 67.39% of the company’s stock.

PowerFleet Company Profile

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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.