Zacks Investment Research Upgrades Telenav (TNAV) to Hold

Telenav (NASDAQ:TNAV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

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. “

A number of other equities analysts also recently weighed in on TNAV. B. Riley reissued a “buy” rating and set a $11.00 price target on shares of Telenav in a research report on Monday, October 30th. BidaskClub raised Telenav from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Finally, ValuEngine downgraded Telenav from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.00.

Shares of Telenav (TNAV) opened at $5.15 on Tuesday. Telenav has a 12-month low of $4.70 and a 12-month high of $10.15.

Telenav (NASDAQ:TNAV) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.06). The company had revenue of $36.66 million during the quarter, compared to analyst estimates of $36.84 million. Telenav had a negative net margin of 32.94% and a negative return on equity of 41.16%. Telenav’s revenue was down 13.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.22) EPS. analysts forecast that Telenav will post -1.4 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC bought a new stake in shares of Telenav during the second quarter worth approximately $111,000. Vanguard Group Inc. boosted its holdings in shares of Telenav by 15.0% during the first quarter. Vanguard Group Inc. now owns 1,200,607 shares of the technology company’s stock worth $10,385,000 after acquiring an additional 156,248 shares during the period. Metropolitan Life Insurance Co. NY boosted its holdings in shares of Telenav by 17.8% during the first quarter. Metropolitan Life Insurance Co. NY now owns 24,462 shares of the technology company’s stock worth $212,000 after acquiring an additional 3,691 shares during the period. Essex Investment Management Co. LLC boosted its holdings in shares of Telenav by 44.4% during the third quarter. Essex Investment Management Co. LLC now owns 244,268 shares of the technology company’s stock worth $1,551,000 after acquiring an additional 75,088 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Telenav by 22.1% during the first quarter. Geode Capital Management LLC now owns 255,625 shares of the technology company’s stock worth $2,211,000 after acquiring an additional 46,266 shares during the period. 53.75% of the stock is currently owned by hedge funds and other institutional investors.

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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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