Barrington Maintains a Bullish Stance on PowerFleet (AIOT)

PowerFleet Inc. (NASDAQ:AIOT) is one of the top strong buy stocks under $5 to buy now. Barrington analyst Gary Prestopino maintained a bullish stance on PowerFleet Inc. (NASDAQ:AIOT) on August 19, giving the stock a Buy rating with a $15 price target.

A fleet of delivery trucks driving down a highway, delivering specialized chemicals to customers.

The analyst supported the optimistic rating with PowerFleet Inc.’s (NASDAQ:AIOT) strategic initiatives and solid financial performance, stating that the company’s fiscal Q1 2026 results exceeded both the market and the firm’s expectations with considerable EBITDA and revenue growth.

The analyst attributed this growth to PowerFleet Inc.’s (NASDAQ:AIOT) focus on high-margin recurring services, resulting in a significant rise in gross margins and service revenue.

Prestopino further stated that PowerFleet Inc. (NASDAQ:AIOT) exhibited operational efficiency by attaining considerable cost synergies and launching strategic programs with major partners to bolster pipeline growth.

PowerFleet Inc. (NASDAQ:AIOT) provides fleet management solutions for industrial, logistics, and vehicles. The company offers wireless Internet of Things and machine-to-machine solutions for controlling, securing, tracking, and managing enterprise assets, including containers, industrial trucks, tractor-trailers, cargo, and more.

Its operations are divided into the following geographical segments: the United States, Israel, and Other.

While we acknowledge the potential of AIOT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AIOT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.