Essex Investment Management Co. LLC reduced its position in shares of Telenav Inc. (NASDAQ:TNAV) by 1.1% during the second quarter, Holdings Channel reports. The institutional investor owned 106,003 shares of the company’s stock after selling 1,167 shares during the period. Essex Investment Management Co. LLC’s holdings in Telenav were worth $541,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of TNAV. Keane Capital Partners LLC purchased a new position in Telenav during the first quarter worth $1,319,000. Prudential Financial Inc. bought a new position in Telenav during the first quarter valued at approximately $349,000. Renaissance Technologies LLC increased its position in Telenav by 8.0% in the first quarter. Renaissance Technologies LLC now owns 346,300 shares of the company’s stock valued at $2,043,000 after buying an additional 25,701 shares during the period. Geode Capital Management LLC increased its position in Telenav by 9.0% in the first quarter. Geode Capital Management LLC now owns 194,559 shares of the company’s stock valued at $1,147,000 after buying an additional 16,074 shares during the period. Finally, Equitec Proprietary Markets LLC increased its position in Telenav by 4.7% in the second quarter. Equitec Proprietary Markets LLC now owns 358,651 shares of the company’s stock valued at $1,829,000 after buying an additional 15,987 shares during the period. 47.29% of the stock is currently owned by institutional investors.
Telenav Inc. (NASDAQ:TNAV) remained flat at $5.83 during mid-day trading on Thursday. The stock had a trading volume of 24,672 shares. The stock has a 50 day moving average of $5.62 and a 200-day moving average of $5.36. Telenav Inc. has a 12-month low of $4.47 and a 12-month high of $7.75. The firm’s market cap is $248.98 million.
Telenav (NASDAQ:TNAV) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.12) earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $47.80 million for the quarter, compared to analysts’ expectations of $41.69 million. During the same period last year, the firm earned ($0.12) earnings per share. Telenav’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Telenav Inc. will post ($0.58) earnings per share for the current fiscal year.
Several research analysts have recently commented on TNAV shares. B. Riley started coverage on Telenav in a research note on Thursday, August 25th. They issued a “buy” rating and a $15.00 price objective on the stock. Zacks Investment Research raised Telenav from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research note on Tuesday.
In other news, CEO H.P. Jin acquired 7,500 shares of the company’s stock in a transaction on Monday, August 8th. The shares were bought at an average price of $5.35 per share, with a total value of $40,125.00. Following the completion of the acquisition, the chief executive officer now owns 1,364,769 shares in the company, valued at approximately $7,301,514.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Loren E. Hillberg sold 7,803 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $5.22, for a total value of $40,731.66. Following the transaction, the general counsel now directly owns 12,500 shares in the company, valued at approximately $65,250. The disclosure for this sale can be found here. Company insiders own 27.85% of the company’s stock.
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.