PowerFleet (PWFL) Preferred Stock Redemption Analysis - Roth Capital

June 14, 2021 6:21 AM EDT
Get Alerts PWFL Hot Sheet
Price: $6.76 -0.73%

Rating Summary:
    2 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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Roth Capital analyst Scott W. Searle reiterated a Buy rating and $9.50 price target on PowerFleet (NASDAQ: PWFL) after the company announced it had entered into a preferred stock redemption rights agreement with ABRY Capital.

The analyst stated "The two-step process requires 1. shareholder approval (targeted for July) and 2. Board approval (expected in the Fall). The result would reduce $10M of outstanding Series A Preferred Stock resulting in annual interest savings of $750k and the reduction of fully diluted shares outstanding of ~1.4M. We estimate the move is earnings neutral in CY22."

For an analyst ratings summary and ratings history on PowerFleet click here. For more ratings news on PowerFleet click here.

Shares of PowerFleet closed at $6.89 yesterday.

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