PowerFleet, Inc. (NASDAQ: AIOT) saw its stock soar 6.53% in after-hours trading on Thursday, following a report that CEO Steven Mark Towe had acquired common shares in the company. This insider buying activity has caught the attention of investors, often viewed as a bullish signal for the stock's future performance.

The acquisition of shares by the company's Chief Executive Officer suggests a strong vote of confidence in PowerFleet's prospects. Insider purchases, particularly by high-ranking executives, are closely watched by market participants as they may indicate that those with the most intimate knowledge of the company's operations believe the stock is undervalued or poised for growth.

While the exact number of shares acquired and the purchase price were not immediately disclosed in the available information, the market's positive reaction indicates that investors are interpreting this move as a promising sign for PowerFleet. As the company specializes in Internet of Things (IoT) and Machine-to-Machine (M2M) solutions, this insider activity could potentially signal upcoming positive developments or strong performance in the rapidly evolving IoT sector.