Insider Buying: Telenav Inc (TNAV) CEO Buys 10,000 Shares of Stock

Telenav Inc (NASDAQ:TNAV) CEO H.P. Jin purchased 10,000 shares of Telenav stock in a transaction on Tuesday, February 6th. The stock was acquired at an average cost of $5.07 per share, for a total transaction of $50,700.00. Following the acquisition, the chief executive officer now directly owns 1,389,854 shares of the company’s stock, valued at $7,046,559.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Telenav Inc (NASDAQ TNAV) traded down $0.05 during trading hours on Tuesday, hitting $5.05. 165,753 shares of the stock were exchanged, compared to its average volume of 83,106. The firm has a market capitalization of $236.13, a price-to-earnings ratio of -3.83 and a beta of 0.90. Telenav Inc has a twelve month low of $4.50 and a twelve month high of $9.25.

Telenav (NASDAQ:TNAV) last posted its quarterly earnings data on Thursday, February 1st. The technology company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.02. The business had revenue of $39.10 million during the quarter, compared to analyst estimates of $39.03 million. Telenav had a negative net margin of 38.56% and a negative return on equity of 52.70%. The company’s revenue was down 24.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.26) earnings per share. sell-side analysts forecast that Telenav Inc will post -1.65 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in 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 during the last quarter. B. Riley Financial Inc. increased its position in 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 during the last quarter. Castleark Management LLC increased its position in Telenav by 9.8% during the second quarter. Castleark Management LLC now owns 553,705 shares of the technology company’s stock worth $4,485,000 after purchasing an additional 49,222 shares during the last quarter. State Street Corp increased its position in Telenav by 9.5% during the second quarter. State Street Corp now owns 527,424 shares of the technology company’s stock worth $4,273,000 after purchasing an additional 45,895 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in 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 during the last quarter. 54.13% of the stock is owned by hedge funds and other institutional investors.

Several analysts have issued reports on TNAV shares. Zacks Investment Research downgraded shares of Telenav from a “hold” rating to a “sell” rating in a report on Thursday, November 9th. B. Riley reissued a “buy” rating and issued a $11.00 price objective on shares of Telenav in a research report on Monday, October 30th. Craig Hallum set a $9.00 price objective on shares of Telenav and gave the company a “buy” rating in a research report on Thursday, December 21st. Finally, ValuEngine lowered shares of Telenav from a “sell” rating to a “strong sell” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $10.88.

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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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