By Stephen Nakrosis

PowerFleet said its board has approved a new $30 million share repurchase plan with a period of 24 months.

The software-as-a-service company has a market cap of $504 million, 134.18 million shares outstanding and a public float of 124.77 million shares.

The company's stock closed the day's regular session at $3.83, up about 1.9%.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com