Russell Investments Group Ltd. Cuts Holdings in Telenav, Inc. (TNAV)
Russell Investments Group Ltd. lessened its stake in Telenav, Inc. (NASDAQ:TNAV) by 3.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,067 shares of the technology company’s stock after selling 4,918 shares during the period. Russell Investments Group Ltd. owned approximately 0.30% of Telenav worth $1,045,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in TNAV. Parkwood LLC grew its stake in Telenav by 42.5% in the 1st quarter. Parkwood LLC now owns 14,680 shares of the technology company’s stock worth $127,000 after buying an additional 4,375 shares in the last quarter. ClariVest Asset Management LLC purchased a new position in Telenav in the 1st quarter worth approximately $128,000. Nordea Investment Management AB purchased a new position in Telenav in the 1st quarter worth approximately $128,000. Strs Ohio grew its stake in Telenav by 130.8% in the 1st quarter. Strs Ohio now owns 15,000 shares of the technology company’s stock worth $129,000 after buying an additional 8,500 shares in the last quarter. Finally, American International Group Inc. grew its stake in Telenav by 7.1% in the 1st quarter. American International Group Inc. now owns 20,066 shares of the technology company’s stock worth $174,000 after buying an additional 1,328 shares in the last quarter. 54.08% of the stock is owned by institutional investors and hedge funds.
Shares of Telenav, Inc. (NASDAQ TNAV) traded down 0.394% during midday trading on Wednesday, hitting $6.325. 18,477 shares of the stock were exchanged. Telenav, Inc. has a 52-week low of $4.80 and a 52-week high of $10.15. The firm’s 50-day moving average is $6.64 and its 200 day moving average is $7.98. The firm’s market cap is $277.96 million.
Telenav (NASDAQ:TNAV) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.02. Telenav had a negative net margin of 27.87% and a negative return on equity of 32.05%. The firm had revenue of $40.29 million during the quarter, compared to analyst estimates of $39.87 million. During the same period last year, the firm posted ($0.19) earnings per share. Telenav’s revenue for the quarter was down 15.6% compared to the same quarter last year. On average, analysts forecast that Telenav, Inc. will post ($1.08) earnings per share for the current year.
TNAV has been the subject of a number of research reports. ValuEngine raised shares of Telenav from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Sidoti raised shares of Telenav from a “neutral” rating to a “buy” rating and set a $10.00 price target for the company in a research note on Friday, May 19th. Zacks Investment Research raised shares of Telenav from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Northland Securities set a $15.00 price target on shares of Telenav and gave the stock a “buy” rating in a research note on Monday, July 10th. Finally, BidaskClub cut shares of Telenav from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $12.00.
In related news, CFO Michael Strambi sold 5,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $8.31, for a total value of $41,550.00. Following the completion of the transaction, the chief financial officer now directly owns 37,613 shares of the company’s stock, valued at $312,564.03. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 24.60% of the company’s stock.
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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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