Essex Investment Management Co. LLC boosted its position in Telenav, Inc. (NASDAQ:TNAV) by 35.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 169,180 shares of the technology company’s stock after buying an additional 44,303 shares during the period. Essex Investment Management Co. LLC owned about 0.39% of Telenav worth $1,370,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in TNAV. Thompson Davis & CO. Inc. raised its stake in shares of Telenav by 4.9% in the first quarter. Thompson Davis & CO. Inc. now owns 14,950 shares of the technology company’s stock worth $129,000 after buying an additional 700 shares in the last quarter. Fortaleza Asset Management Inc. purchased a new stake in shares of Telenav during the first quarter worth approximately $106,000. Parkwood LLC raised its stake in shares of Telenav by 42.5% in the first quarter. Parkwood LLC now owns 14,680 shares of the technology company’s stock worth $127,000 after buying an additional 4,375 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Telenav by 17.2% in the first quarter. Bank of New York Mellon Corp now owns 144,586 shares of the technology company’s stock worth $1,251,000 after buying an additional 21,246 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Telenav by 6.3% in the first quarter. Russell Investments Group Ltd. now owns 133,985 shares of the technology company’s stock valued at $1,160,000 after buying an additional 7,942 shares in the last quarter. Institutional investors and hedge funds own 51.58% of the company’s stock.
Telenav, Inc. (NASDAQ:TNAV) remained flat at $6.20 on Friday. 59,456 shares of the company’s stock were exchanged. The company’s market capitalization is $272.46 million. Telenav, Inc. has a 52-week low of $4.80 and a 52-week high of $10.15. The company’s 50-day moving average price is $7.77 and its 200-day moving average price is $8.34.
Telenav (NASDAQ:TNAV) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.29) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.02. Telenav had a negative return on equity of 30.87% and a negative net margin of 27.87%. The company had revenue of $40.29 million for the quarter, compared to analyst estimates of $39.87 million. During the same period last year, the company earned ($0.19) earnings per share. The business’s revenue was down 15.6% compared to the same quarter last year. On average, equities research analysts predict that Telenav, Inc. will post ($1.08) EPS for the current fiscal year.
TNAV has been the topic of several recent research reports. Zacks Investment Research lowered Telenav from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th. BidaskClub lowered Telenav from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Northland Securities set a $15.00 target price on Telenav and gave the stock a “buy” rating in a research note on Monday, July 10th. ValuEngine raised Telenav from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Sidoti raised Telenav from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Friday, May 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.00.
In other Telenav news, CFO Michael Strambi sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $8.31, for a total transaction of $41,550.00. Following the transaction, the chief financial officer now directly owns 37,613 shares in the company, valued at $312,564.03. The transaction was disclosed in a filing with the SEC, which is available through this link. 24.60% of the stock is owned by company insiders.
Telenav Company Profile
TeleNav, Inc (Telenav) is a provider of location-based platform services. The Company’s services consist of its automotive and mobile navigation platform and its advertising delivery platform. The Company operates through three segments: automotive, advertising and mobile navigation. The automotive segment provides its map and navigation platform to auto manufacturers and original equipment manufacturers (OEMs) for distribution with their vehicles.
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