PowerFleet, Inc. (NASDAQ: AIOT), a leading provider of Internet of Things (IoT) and Machine-to-Machine (M2M) solutions, saw its stock soar 6.53% in pre-market trading, building on the positive momentum from the previous day's after-hours session. The significant uptick comes in response to reports of insider buying activity by the company's Chief Executive Officer, Steven Mark Towe.

According to a filing made public after Thursday's market close, CEO Towe acquired an undisclosed number of common shares in PowerFleet. This insider purchase has sparked enthusiasm among investors, as such actions are often interpreted as a strong vote of confidence in the company's future prospects. Insider buying, particularly by high-ranking executives like CEOs, is closely watched by market participants and frequently seen as a bullish signal.

The timing of this insider activity is particularly noteworthy as PowerFleet operates in the rapidly evolving IoT and M2M solutions sector. CEO Towe's decision to increase his stake in the company could potentially signal upcoming positive developments or strong performance expectations in this dynamic market. As trading continues, investors will be closely monitoring the stock for any further details about the insider transaction or forthcoming company announcements that might sustain this positive momentum.