WOODCLIFF LAKE, NJ—Catherine J. Lewis (JO:LEWJ), the Chief Customer Officer of Powerfleet, Inc. (NASDAQ:AIOT), recently sold a significant portion of her holdings in the company. According to a recent regulatory filing, Lewis sold a total of 270,000 shares of Powerfleet stock over two days, generating approximately $1.84 million. The timing of these sales coincides with AIOT's strong market performance, as InvestingPro data shows the stock trading near its 52-week high with notable returns over recent months.
The sales occurred on December 5th and 6th, with shares sold at prices ranging from $6.73 to $7.05. Following these transactions, Lewis now holds 52,972 shares of the company's common stock. InvestingPro analysis reveals 12 additional key insights about Powerfleet's financial health and market position, available in the comprehensive Pro Research Report.
These transactions reflect Lewis's strategic financial decisions regarding her stock holdings in Powerfleet, a company known for its communications equipment solutions. According to InvestingPro data, analysts anticipate sales growth for the current year, with multiple analysts revising their earnings expectations upward.
In other recent news, PowerFleet (NASDAQ:AIOT) has reported significant advancements in its financial performance and strategic positioning. The firm's fourth-quarter revenue reached $34.5 million, primarily due to a strong performance in its software-as-a-service (SaaS) sector, marking a 6% increase in total revenue and gross profit. The firm's adjusted EBITDA also saw a significant rise of 141%. PowerFleet recently acquired Fleet Complete, a connected vehicle technology and fleet management company, for $200 million, aiming to bolster its North American market presence and stimulate growth in Europe and Australia.
Lake Street Capital Markets and Roth/MKM have maintained their Buy ratings on PowerFleet, highlighting the potential benefits of the acquisition. The firms anticipate the integration of Fleet Complete to enhance PowerFleet's market positioning and financial performance. PowerFleet's merger with MiX Telematics (NYSE:MIXT) also garnered attention, with Raymond (NS:RYMD) James and Craig-Hallum initiating coverage with an Outperform and Buy rating respectively.
In line with its growth strategy, PowerFleet has welcomed Andrew Martin, a partner at Private Capital Management, to its board of directors. The company also appointed Deloitte & Touche as its new independent registered public accounting firm, replacing Ernst & Young. These recent developments underscore PowerFleet's ongoing efforts to improve its business operations and market position.
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