Barrington analyst Gary Prestopino has maintained their bullish stance on AIOT stock, giving a Buy rating on September 9.
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Gary Prestopino has given his Buy rating due to a combination of factors that highlight PowerFleet’s strong growth potential and strategic initiatives. The company’s recent mergers with MiX Telematics and Fleet Complete have expanded its global market reach and enhanced its product offerings, particularly with the Unity platform, which is pivotal in transforming business operations through AI-driven data harmonization. This platform is crucial for improving business performance and increasing average revenue per user (ARPU).
Additionally, PowerFleet’s large market opportunity is underscored by a $120 billion total addressable market, driven by the demand for unified operations in fleet and industrial equipment management. The company has also secured significant new business deals, with a notable increase in AI video bookings and a strong pipeline with major channel partners. Furthermore, strategic partnerships with major telecommunications and automotive companies, along with expected cost synergies from recent integrations, support a robust financial outlook. These factors contribute to a positive long-term growth trajectory, justifying the Buy rating.
In another report released on September 9, Roth MKM also maintained a Buy rating on the stock with a $0.00 price target.
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AIOT in relation to earlier this year.