Telenav Inc (NASDAQ:TNAV) rose 6.8% on Friday . The company traded as high as $4.93 and last traded at $4.85, approximately 735,645 shares were traded during mid-day trading. An increase of 58% from the average daily volume of 464,439 shares. The stock had previously closed at $4.54.
TNAV has been the subject of a number of analyst reports. BidaskClub downgraded shares of Telenav from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 5th. Zacks Investment Research upgraded shares of Telenav from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Friday, August 16th. ValuEngine downgraded shares of Telenav from a “hold” rating to a “sell” rating in a research report on Wednesday, October 30th. B. Riley dropped their price target on shares of Telenav from $10.50 to $7.50 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Northland Securities downgraded shares of Telenav from an “outperform” rating to a “market perform” rating in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $8.88.
The business’s 50-day moving average price is $4.74 and its two-hundred day moving average price is $7.28. The company has a market capitalization of $228.75 million, a price-to-earnings ratio of -7.46 and a beta of 0.37.
In other news, CEO H.P. Jin acquired 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average cost of $10.59 per share, with a total value of $423,600.00. Following the completion of the purchase, the chief executive officer now directly owns 2,143,927 shares of the company’s stock, valued at approximately $22,704,186.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Philipp Wolfgang Josef Kandal sold 10,000 shares of Telenav stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $10.40, for a total transaction of $104,000.00. Following the completion of the transaction, the senior vice president now directly owns 164,590 shares in the company, valued at $1,711,736. The disclosure for this sale can be found here. Insiders sold 511,404 shares of company stock worth $5,368,582 over the last three months. 21.32% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in TNAV. Bank of Montreal Can increased its stake in Telenav by 275.2% in the second quarter. Bank of Montreal Can now owns 3,673 shares of the technology company’s stock valued at $30,000 after acquiring an additional 2,694 shares during the last quarter. Quantamental Technologies LLC increased its stake in Telenav by 1,452.7% in the second quarter. Quantamental Technologies LLC now owns 4,658 shares of the technology company’s stock valued at $37,000 after acquiring an additional 4,358 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in Telenav in the second quarter valued at approximately $50,000. Royal Bank of Canada increased its stake in Telenav by 42.1% in the second quarter. Royal Bank of Canada now owns 6,562 shares of the technology company’s stock valued at $52,000 after acquiring an additional 1,945 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new position in Telenav in the third quarter valued at approximately $64,000. 49.36% of the stock is currently owned by institutional investors and hedge funds.
About Telenav (NASDAQ:TNAV)
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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