In a recent filing with the Securities and Exchange Commission, 325 Capital LLC disclosed it has reduced its holdings in PowerFleet, Inc. (NASDAQ: AIOT) by 1.8% during the first quarter of 2023. The firm sold 67,906 shares, bringing its total ownership to 3,646,379 shares. This position represents approximately 8.3% of 325 Capital’s investment portfolio, making PowerFleet its fifth largest holding. As of the latest filing, the firm held shares valued at around $20 million.
Numerous institutional investors have also adjusted their positions in PowerFleet. Notably, Wells Fargo & Company MN acquired a new stake worth approximately $369,000 during the fourth quarter, while Dimensional Fund Advisors LP invested around $7.3 million. Other notable acquisitions include MetLife Investment Management LLC, HSBC Holdings PLC, and Price T. Rowe Associates Inc. MD, who purchased shares valued at $381,000, $75,000, and $254,000, respectively. Currently, institutional investors and hedge funds collectively own 73.40% of PowerFleet’s stock.
Insider Transactions and Company Profile
In related news, PowerFleet’s CEO, Steven Mark Towe, purchased 23,157 shares of the company on August 14, 2023, at an average price of $4.42 per share, totaling approximately $102,354. Following this transaction, Towe holds around 2,457,923 shares, valued at about $10.9 million, indicating a 0.95% increase in his ownership stake.
Additionally, Director Michael J. McConnell acquired 10,000 shares on August 18, 2023, for an average price of $4.64 per share, amounting to $46,400. This transaction increased his holdings by 55.47% to a total of 28,028 shares, valued at approximately $130,050.
Corporate insiders currently own 6.30% of PowerFleet’s stock, reflecting a notable engagement from those closely involved with the company.
Market Performance Overview
PowerFleet’s shares opened at $4.67 on Tuesday, and the company has experienced fluctuations over the past year, with a low of $3.70 and a high of $8.71. The firm has a market capitalization of $623.16 million, and its financial performance metrics include a P/E ratio of -15.57 and a beta of 1.28.
PowerFleet, Inc. specializes in fleet management solutions, offering a range of services that leverage wireless Internet of Things technology to secure, control, track, and manage assets across various industries. As the company continues to navigate the dynamic market landscape, the involvement of institutional investors and insider transactions suggests a strategic focus on growth and stability.
For further insights into PowerFleet and its market activity, investors can refer to the latest 13F filings and insider trades available on financial news platforms.
