Telenav (NASDAQ:TNAV) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Telenav (NASDAQ:TNAV) from a hold rating to a buy rating in a research note published on Friday, May 10th, BidAskClub reports.

TNAV has been the topic of several other research reports. Zacks Investment Research cut Telenav from a strong-buy rating to a hold rating in a research report on Thursday, January 10th. ValuEngine raised Telenav from a buy rating to a strong-buy rating in a research report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $8.38.

Telenav stock traded down $0.01 during trading on Friday, hitting $7.21. 332,863 shares of the company were exchanged, compared to its average volume of 188,915. Telenav has a 52 week low of $3.35 and a 52 week high of $7.26. The company has a market capitalization of $329.09 million, a P/E ratio of -3.70 and a beta of 0.97.

Telenav (NASDAQ:TNAV) last announced its quarterly earnings results on Thursday, May 9th. The technology company reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. Telenav had a negative return on equity of 57.09% and a negative net margin of 26.03%. The business had revenue of $53.07 million during the quarter, compared to the consensus estimate of $51.02 million. On average, sell-side analysts anticipate that Telenav will post -0.63 EPS for the current fiscal year.

In other news, Director Nokomis Capital, L.L.C. purchased 100,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average price of $6.10 per share, with a total value of $610,000.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 24.82% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Optimum Investment Advisors bought a new position in Telenav in the 1st quarter worth about $30,000. BNP Paribas Arbitrage SA increased its stake in Telenav by 1,645.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 6,545 shares of the technology company’s stock worth $40,000 after acquiring an additional 6,170 shares during the last quarter. Parametric Portfolio Associates LLC bought a new position in Telenav in the 1st quarter worth about $74,000. Acadian Asset Management LLC bought a new position in Telenav in the 1st quarter worth about $100,000. Finally, Jane Street Group LLC bought a new position in Telenav in the 1st quarter worth about $113,000. Institutional investors own 50.05% of the company’s stock.

Telenav Company Profile

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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