Telenav Inc. (NASDAQ:TNAV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “TeleNav, Inc. is a provider of location based services, or LBS, including voice guided navigation, on mobile phones. Its core LBS solution is GPS Navigator which offers features such as real time traffic alerts, route planning and updated POIs. The Company’s other products include TeleNav Track and TeleNav Shotgun. Through the Company’s hosted service delivery model, it provides its solutions through the networks of wireless carriers in the United States, including Sprint and AT&T, as well as through certain carriers in other countries. The Company is also using its LBS platform to develop new offerings such as a feature rich, in-dash navigation solution for automotive consumers. Additionally, TeleNav is broadening the scope of the LBS platform by developing solutions that support a broad range of location enhanced applications such as location based mobile advertising, commerce and social networking. TeleNav, Inc. is headquartered in Sunnyvale, California. “
Separately, B. Riley initiated coverage on shares of Telenav in a research report on Thursday, August 25th. They issued a “buy” rating and a $15.00 target price for the company.
Shares of Telenav (NASDAQ:TNAV) opened at 5.83 on Thursday. The company’s market cap is $248.98 million. Telenav has a 52-week low of $4.47 and a 52-week high of $7.75. The stock has a 50 day moving average of $5.61 and a 200 day moving average of $5.36.
Telenav (NASDAQ:TNAV) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.12) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.05. The company earned $47.80 million during the quarter, compared to the consensus estimate of $41.69 million. Telenav had a negative net margin of 19.26% and a negative return on equity of 22.62%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.12) earnings per share. On average, equities analysts anticipate that Telenav will post ($0.58) earnings per share for the current fiscal year.
In related news, CFO Michael Strambi sold 8,500 shares of the company’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $5.45, for a total transaction of $46,325.00. Following the completion of the sale, the chief financial officer now directly owns 35,305 shares of the company’s stock, valued at approximately $192,412.25. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Loren E. Hillberg sold 7,803 shares of the company’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $5.22, for a total transaction of $40,731.66. Following the sale, the general counsel now directly owns 12,500 shares of the company’s stock, valued at $65,250. The disclosure for this sale can be found here. 27.85% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. Penn Capital Management Co. Inc. purchased a new stake in Telenav during the second quarter valued at about $1,757,000. Keane Capital Partners LLC bought a new stake in shares of Telenav during the first quarter worth $1,319,000. Granite Point Capital Management L.P. bought a new stake in shares of Telenav during the second quarter worth $639,000. BlackRock Fund Advisors increased its stake in shares of Telenav by 16.7% in the second quarter. BlackRock Fund Advisors now owns 842,790 shares of the company’s stock worth $4,298,000 after buying an additional 120,432 shares during the period. Finally, Emerald Acquisition Ltd. bought a new stake in shares of Telenav during the second quarter worth $376,000. 47.29% of the stock is owned by institutional investors and hedge funds.
TeleNav, Inc provides of location-based platform services consisting of map and navigation platform, and advertising delivery platform. The Company’s map and navigation platform delivers location based services to developers, auto manufacturers and end users. The Company’s uses map and navigation platform as the basis for delivering enhanced mobile applications.
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