Telenav Inc. (NASDAQ:TNAV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $6.50 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 10.92% from the stock’s current price.
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 reaffirmed a “buy” rating and set a $10.00 price target on shares of Telenav in a research note on Monday, August 1st.
Shares of Telenav (NASDAQ:TNAV) traded up 0.51% during midday trading on Tuesday, reaching $5.86. The company’s stock had a trading volume of 29,191 shares. The company’s market cap is $250.26 million. Telenav has a 12 month low of $4.47 and a 12 month high of $7.69. The stock has a 50-day moving average of $5.63 and a 200 day moving average of $5.36.
Telenav (NASDAQ:TNAV) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.12) earnings per share (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 analyst estimates of $41.69 million. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts predict that Telenav will post ($0.58) earnings per share for the current fiscal year.
In related news, General Counsel Loren E. Hillberg sold 6,242 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $5.93, for a total value of $37,015.06. Following the completion of the sale, the general counsel now owns 2,132 shares in the company, valued at $12,642.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Strambi sold 8,500 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $5.45, for a total value of $46,325.00. Following the completion of the sale, the chief financial officer now owns 35,305 shares of the company’s stock, valued at approximately $192,412.25. The disclosure for this sale can be found here. 27.85% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management & Equity Research Inc. increased its stake in Telenav by 14.7% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 35,810 shares of the company’s stock worth $211,000 after buying an additional 4,600 shares in the last quarter. Teachers Advisors Inc. increased its stake in Telenav by 13.1% in the second quarter. Teachers Advisors Inc. now owns 47,031 shares of the company’s stock worth $240,000 after buying an additional 5,452 shares in the last quarter. AQR Capital Management LLC increased its stake in Telenav by 18.9% in the second quarter. AQR Capital Management LLC now owns 51,230 shares of the company’s stock worth $261,000 after buying an additional 8,153 shares in the last quarter. Nationwide Fund Advisors increased its stake in Telenav by 88.0% in the second quarter. Nationwide Fund Advisors now owns 56,007 shares of the company’s stock worth $286,000 after buying an additional 26,222 shares in the last quarter. Finally, Prudential Financial Inc. bought a new stake in Telenav during the first quarter worth approximately $349,000. Institutional investors and hedge funds own 47.29% of the company’s stock.
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.