Telenav (TNAV) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Telenav (NASDAQ:TNAV) from a sell rating to a hold rating in a report published on Friday.

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 research firms also recently issued reports on TNAV. Craig Hallum set a $9.00 price target on Telenav and gave the company a buy rating in a research report on Thursday, December 21st. 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. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. Telenav presently has a consensus rating of Hold and an average price target of $11.25.

Shares of Telenav (NASDAQ TNAV) opened at $5.60 on Friday. Telenav has a 1 year low of $4.50 and a 1 year high of $10.15.

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

Several institutional investors and hedge funds have recently modified their holdings of TNAV. Divisar Capital Management LLC lifted its stake in shares of Telenav by 26.6% during the second quarter. Divisar Capital Management LLC now owns 2,640,381 shares of the technology company’s stock worth $21,387,000 after purchasing an additional 554,399 shares in the last quarter. B. Riley Financial Inc. lifted its stake in shares of Telenav by 131.7% during the third quarter. B. Riley Financial Inc. now owns 869,660 shares of the technology company’s stock worth $5,522,000 after purchasing an additional 494,267 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Telenav by 6.8% during the second quarter. Vanguard Group Inc. now owns 1,282,162 shares of the technology company’s stock worth $10,386,000 after purchasing an additional 81,555 shares in the last quarter. New York State Common Retirement Fund lifted its stake in shares of Telenav by 28.9% during the third quarter. New York State Common Retirement Fund now owns 347,305 shares of the technology company’s stock worth $2,205,000 after purchasing an additional 77,900 shares in the last quarter. Finally, Essex Investment Management Co. LLC lifted its stake 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 purchasing an additional 75,088 shares in the last quarter. Institutional investors own 53.75% of the company’s stock.

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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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