Zacks Investment Research upgraded shares of Telenav Inc. (NASDAQ:TNAV) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $6.50 price target on the stock.
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 reiterated a buy rating and issued a $10.00 price objective on shares of Telenav in a research note on Saturday, August 6th.
Shares of Telenav (NASDAQ:TNAV) opened at 5.86 on Tuesday. Telenav has a 12-month low of $4.47 and a 12-month high of $7.69. The firm’s market cap is $250.26 million. The company’s 50 day moving average price is $5.63 and its 200 day moving average price is $5.36.
Telenav (NASDAQ:TNAV) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.05. Telenav had a negative return on equity of 22.62% and a negative net margin of 19.26%. The business had revenue of $47.80 million for the quarter, compared to the consensus estimate of $41.69 million. During the same quarter in the prior year, the business earned ($0.12) earnings per share. Telenav’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts forecast that Telenav will post ($0.58) EPS for the current year.
In other Telenav news, General Counsel Loren E. Hillberg sold 7,803 shares of the business’s stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $5.22, for a total transaction of $40,731.66. Following the sale, the general counsel now owns 12,500 shares of the company’s stock, valued at approximately $65,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO H.P. Jin bought 7,500 shares of the stock in a transaction on Friday, August 5th. The shares were acquired at an average cost of $5.38 per share, for a total transaction of $40,350.00. Following the acquisition, the chief executive officer now directly owns 1,357,269 shares in the company, valued at $7,302,107.22. The disclosure for this purchase can be found here. Company insiders own 24.60% of the company’s stock.
A number of large investors have recently modified their holdings of TNAV. AQR Capital Management LLC boosted its position in Telenav by 18.9% in the second quarter. AQR Capital Management LLC now owns 51,230 shares of the company’s stock valued at $261,000 after buying an additional 8,153 shares during the last quarter. Penn Capital Management Co. Inc. purchased a new position in Telenav during the second quarter valued at $1,757,000. Teachers Advisors Inc. boosted its position in Telenav by 13.1% in the second quarter. Teachers Advisors Inc. now owns 47,031 shares of the company’s stock valued at $240,000 after buying an additional 5,452 shares during the last quarter. AXA boosted its position in Telenav by 5.4% in the second quarter. AXA now owns 149,344 shares of the company’s stock valued at $762,000 after buying an additional 7,644 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its position in Telenav by 6.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 406,565 shares of the company’s stock valued at $2,073,000 after buying an additional 25,997 shares during the last quarter. 47.29% of the stock is currently owned by institutional investors and hedge funds.
Telenav Company Profile
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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