Telenav Inc. (NASDAQ:TNAV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $6.50 price objective on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.49% 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 reissued a “buy” rating and issued a $10.00 target price on shares of Telenav in a research note on Saturday, August 6th.
Telenav (NASDAQ:TNAV) opened at 5.83 on Tuesday. Telenav has a 52 week low of $4.47 and a 52 week high of $7.84. The stock’s market cap is $248.98 million. The company has a 50-day moving average of $5.61 and a 200-day moving average of $5.36.
Telenav (NASDAQ:TNAV) last announced its earnings results on Tuesday, August 2nd. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.05. Telenav had a negative net margin of 19.26% and a negative return on equity of 22.62%. The firm earned $47.80 million during the quarter, compared to the consensus estimate of $41.69 million. During the same quarter in the previous year, the company posted ($0.12) EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts predict that Telenav will post ($0.58) EPS for the current fiscal year.
In other news, 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 transaction of $46,325.00. Following the completion of the transaction, the chief financial officer now owns 35,305 shares of the company’s stock, valued at approximately $192,412.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Loren E. Hillberg sold 6,242 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $5.93, for a total transaction of $37,015.06. Following the transaction, the general counsel now directly owns 2,132 shares of the company’s stock, valued at approximately $12,642.76. The disclosure for this sale can be found here. Insiders own 27.85% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased 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 worth $261,000 after buying an additional 8,153 shares in the last quarter. Penn Capital Management Co. Inc. acquired a new stake in Telenav during the second quarter worth about $1,757,000. 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 during the period. AXA increased its stake in Telenav by 5.4% in the second quarter. AXA now owns 149,344 shares of the company’s stock worth $762,000 after buying an additional 7,644 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake 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 worth $2,073,000 after buying an additional 25,997 shares during the period. 47.29% of the stock is owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Telenav Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Telenav Inc. and related companies with MarketBeat.com's FREE daily email newsletter.