PowerFleet (PWFL) Receives a Buy from Canaccord Genuity

By Ryan Adsit

Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on PowerFleet (PWFLResearch Report) yesterday and set a price target of $12.00. The company’s shares closed last Monday at $6.50.

According to TipRanks.com, Walkley is a top 100 analyst with an average return of 19.1% and a 66.2% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Telefonaktiebolaget LM Ericsson, Sequans Communications S A, and Digi International.

Currently, the analyst consensus on PowerFleet is a Strong Buy with an average price target of $10.83.

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Based on PowerFleet’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.59 million. In comparison, last year the company had a GAAP net loss of $2.81 million.

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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 (IoT) and machine to machine (M2M) solutions for securing, controlling, tracking, and managing enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicle and truck fleets.