Telenav (TNAV) Downgraded to “Hold” at Zacks Investment Research

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Zacks Investment Research cut shares of Telenav (NASDAQ:TNAV) from a strong-buy rating to a hold rating in a research note released on Thursday.

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. “

Shares of Telenav stock opened at $4.11 on Thursday. Telenav has a 52-week low of $3.35 and a 52-week high of $6.60. The company has a market capitalization of $199.60 million, a P/E ratio of -2.11 and a beta of 0.73.

Telenav (NASDAQ:TNAV) last issued its quarterly earnings results on Thursday, November 8th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.14. Telenav had a negative net margin of 66.53% and a negative return on equity of 115.32%. The company had revenue of $52.17 million during the quarter, compared to the consensus estimate of $51.74 million. As a group, equities research analysts forecast that Telenav will post -0.68 EPS for the current fiscal year.

In related news, insider Hassan Wahla acquired 20,000 shares of Telenav stock in a transaction dated Thursday, December 6th. The stock was acquired at an average price of $3.79 per share, for a total transaction of $75,800.00. Following the transaction, the insider now owns 137,426 shares of the company’s stock, valued at $520,844.54. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Philipp Wolfgang Josef Kandal acquired 10,951 shares of Telenav stock in a transaction dated Friday, November 16th. The shares were bought at an average price of $4.59 per share, with a total value of $50,265.09. Following the transaction, the senior vice president now directly owns 166,735 shares in the company, valued at approximately $765,313.65. The disclosure for this purchase can be found here. Insiders purchased 80,551 shares of company stock valued at $336,685 in the last quarter. 24.82% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. Northern Trust Corp lifted its position in shares of Telenav by 5.7% during the 2nd quarter. Northern Trust Corp now owns 349,901 shares of the technology company’s stock worth $1,960,000 after buying an additional 18,858 shares during the last quarter. BlackRock Inc. lifted its position in shares of Telenav by 4.5% during the 2nd quarter. BlackRock Inc. now owns 1,665,808 shares of the technology company’s stock worth $9,328,000 after buying an additional 71,558 shares during the last quarter. B. Riley Wealth Management Inc. purchased a new stake in shares of Telenav during the 3rd quarter worth approximately $72,000. Wasatch Advisors Inc. purchased a new stake in shares of Telenav during the 3rd quarter worth approximately $2,706,000. Finally, Panagora Asset Management Inc. lifted its position in shares of Telenav by 163.4% during the 3rd quarter. Panagora Asset Management Inc. now owns 71,162 shares of the technology company’s stock worth $359,000 after buying an additional 44,147 shares during the last quarter. Institutional investors and hedge funds own 51.68% 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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