Telenav (TNAV) Lifted to “Buy” at Zacks Investment Research

Telenav (NASDAQ:TNAV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The firm currently has a $5.25 price target on the technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 18.78% from the company’s previous close.

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. “

Other equities research analysts also recently issued research reports about the company. BidaskClub raised Telenav from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. B. Riley reissued a “buy” rating on shares of Telenav in a report on Monday, July 23rd. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $7.92.

NASDAQ:TNAV traded down $0.21 during trading hours on Friday, reaching $4.42. 140,521 shares of the stock were exchanged, compared to its average volume of 56,290. Telenav has a twelve month low of $4.08 and a twelve month high of $6.60. The company has a market cap of $207.75 million, a P/E ratio of -2.27 and a beta of 0.79.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Telenav by 180.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 26,744 shares of the technology company’s stock valued at $145,000 after buying an additional 17,217 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in shares of Telenav by 163.4% in the 3rd quarter. Panagora Asset Management Inc. now owns 71,162 shares of the technology company’s stock valued at $359,000 after buying an additional 44,147 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Telenav in the 2nd quarter valued at approximately $415,000. ARS Investment Partners LLC boosted its holdings in shares of Telenav by 11.0% in the 3rd quarter. ARS Investment Partners LLC now owns 201,846 shares of the technology company’s stock valued at $1,019,000 after buying an additional 19,951 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Telenav by 5.7% in the 2nd quarter. Northern Trust Corp now owns 349,901 shares of the technology company’s stock valued at $1,960,000 after buying an additional 18,858 shares during the last quarter. 51.78% of the stock is owned by institutional investors.

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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