Telenav (NASDAQ:TNAV) Raised to Strong-Buy at BidaskClub

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BidaskClub upgraded shares of Telenav (NASDAQ:TNAV) from a buy rating to a strong-buy rating in a research note published on Friday morning, BidAskClub reports.

Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded Telenav from a sell rating to a hold rating in a research report on Wednesday, June 26th. Northland Securities restated a buy rating and set a $11.00 price objective on shares of Telenav in a research report on Friday, May 10th. B. Riley restated a buy rating on shares of Telenav in a research report on Wednesday, July 31st. Finally, ValuEngine lowered Telenav from a buy rating to a hold rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $11.50.

Shares of Telenav stock opened at $11.10 on Friday. The firm has a market cap of $504.35 million, a price-to-earnings ratio of -17.08 and a beta of 0.71. The business has a 50-day moving average price of $9.04 and a 200-day moving average price of $7.09. Telenav has a twelve month low of $3.35 and a twelve month high of $11.29.

In related news, insider Salman Dhanani sold 308,138 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $10.02, for a total value of $3,087,542.76. Following the completion of the transaction, the insider now owns 127,195 shares of the company’s stock, valued at approximately $1,274,493.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO H.P. Jin purchased 40,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average cost of $10.59 per share, with a total value of $423,600.00. Following the acquisition, the chief executive officer now owns 2,143,927 shares in the company, valued at approximately $22,704,186.93. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 655,318 shares of company stock valued at $5,790,768. Company insiders own 24.82% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. grew its position in shares of Telenav by 3.2% during the fourth quarter. BlackRock Inc. now owns 1,742,870 shares of the technology company’s stock valued at $7,076,000 after purchasing an additional 54,720 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Telenav by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,187,880 shares of the technology company’s stock valued at $4,823,000 after purchasing an additional 20,195 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Telenav by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 318,613 shares of the technology company’s stock valued at $1,293,000 after purchasing an additional 13,498 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Telenav during the first quarter valued at about $155,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of Telenav by 1,645.3% during the first quarter. BNP Paribas Arbitrage SA now owns 6,545 shares of the technology company’s stock valued at $40,000 after purchasing an additional 6,170 shares in the last quarter. 49.43% of the stock is owned by hedge funds and other institutional investors.

About Telenav

Telenav, Inc, together with its subsidiaries provides connected car and location-based platform services in the United States and internationally. The company operates through three segments: Automotive, Advertising, and Mobile Navigation. It offers automotive navigation services, including on-board solutions, which consist of software, map, and points of interest data loaded in vehicles that provide voice-guided turn by turn navigation displayed on the vehicle screen; and brought-in navigation services.

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