Nokomis Capital, L.L.C.
recently revealed that they own a 10.3% stake in Telenav, Inc. (NASDAQ:TNAV) in a Schedule 13D/A disclosure that was filed with the SEC on Thursday, August 24th. The investor owns 4,495,750 shares of the stock worth approximately $28,323,225. The reporting parties listed on the disclosure included Nokomis Capital, LLC and Brett Hendrickson. The filing is available through Edgar at this link.
Nokomis Capital, L.L.C.
provided the following explanation of their ownership:
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Several other large investors have also recently made changes to their positions in the stock. Granite Point Capital Management L.P. bought a new stake in Telenav during the first quarter worth approximately $1,051,000. State Street Corp increased its stake in Telenav by 9.1% in the fourth quarter. State Street Corp now owns 438,196 shares of the technology company’s stock worth $3,089,000 after buying an additional 36,420 shares during the period. Teachers Advisors LLC increased its stake in Telenav by 37.9% in the fourth quarter. Teachers Advisors LLC now owns 74,290 shares of the technology company’s stock worth $524,000 after buying an additional 20,419 shares during the period. Bank of New York Mellon Corp increased its stake in 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 during the period. Finally, EAM Investors LLC bought a new stake in Telenav during the first quarter worth approximately $1,408,000. 51.40% of the stock is owned by institutional investors.
Shares of Telenav, Inc. (NASDAQ TNAV) traded up 0.80% on Thursday, hitting $6.30. 39,770 shares of the stock traded hands. Telenav, Inc. has a one year low of $4.80 and a one year high of $10.15. The stock has a 50 day moving average of $7.31 and a 200 day moving average of $8.17. The company’s market cap is $276.85 million.
Telenav (NASDAQ:TNAV) last released its earnings results on Thursday, August 3rd. The technology company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.02. The company had revenue of $40.29 million for the quarter, compared to analyst estimates of $39.87 million. Telenav had a negative net margin of 27.87% and a negative return on equity of 30.87%. The firm’s quarterly revenue was down 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.19) EPS. Equities analysts anticipate that Telenav, Inc. will post ($1.08) earnings per share for the current year.
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TNAV has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Telenav from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th. BidaskClub downgraded shares of 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 shares of Telenav and gave the stock a “buy” rating in a research report on Monday, July 10th. ValuEngine downgraded shares of Telenav from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Finally, Sidoti raised shares of Telenav from a “neutral” rating to a “buy” rating and set a $10.00 target price for the company in a research report on Friday, May 19th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $12.00.
In other Telenav news, CFO Michael Strambi sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $8.31, for a total value of $41,550.00. Following the transaction, the chief financial officer now directly owns 37,613 shares in the company, valued at approximately $312,564.03. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 24.60% of the stock is currently owned by corporate insiders.
About Telenav
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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