Short Interest in Telenav Inc (NASDAQ:TNAV) Declines By 19.2%

Telenav Inc (NASDAQ:TNAV) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 424,900 shares, a decline of 19.2% from the July 31st total of 525,800 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average trading volume of 376,200 shares, the short-interest ratio is presently 1.1 days.

Shares of Telenav stock opened at $5.12 on Friday. Telenav has a 1 year low of $3.35 and a 1 year high of $11.67. The firm’s 50-day moving average is $9.64 and its two-hundred day moving average is $7.67. The stock has a market cap of $249.34 million, a price-to-earnings ratio of -7.88 and a beta of 0.48.

Telenav (NASDAQ:TNAV) last issued its earnings results on Thursday, August 8th. The technology company reported ($0.22) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.04). Telenav had a negative return on equity of 31.39% and a negative net margin of 14.88%. The business had revenue of $58.45 million for the quarter, compared to the consensus estimate of $53.27 million. Research analysts predict that Telenav will post -0.32 earnings per share for the current year.

A number of research analysts have recently commented on the stock. ValuEngine upgraded shares of Telenav from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 4th. B. Riley cut their price target on shares of Telenav from $10.50 to $7.50 and set a “buy” rating on the stock in a report on Friday, September 6th. Craig Hallum cut shares of Telenav from a “buy” rating to a “hold” rating and cut their price target for the stock from $13.00 to $5.00 in a report on Thursday, September 5th. BidaskClub cut shares of Telenav from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 5th. Finally, Northland Securities cut shares of Telenav from an “outperform” rating to a “market perform” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $8.88.

In other news, insider Hassan Wahla sold 10,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $8.50, for a total value of $85,000.00. Following the transaction, the insider now directly owns 121,331 shares in the company, valued at $1,031,313.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Philipp Wolfgang Josef Kandal sold 5,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $8.00, for a total transaction of $40,000.00. Following the completion of the transaction, the senior vice president now owns 224,113 shares in the company, valued at $1,792,904. The disclosure for this sale can be found here. Insiders have sold 661,404 shares of company stock worth $6,592,082 in the last quarter. Company insiders own 24.82% of the company’s stock.

A number of institutional investors have recently modified their holdings of TNAV. BNP Paribas Arbitrage SA grew its holdings in Telenav by 1,645.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,545 shares of the technology company’s stock worth $40,000 after acquiring an additional 6,170 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Telenav during the 1st quarter worth about $200,000. B. Riley Wealth Management Inc. bought a new position in Telenav during the 1st quarter worth about $160,000. Strs Ohio grew its holdings in Telenav by 173.6% during the 2nd quarter. Strs Ohio now owns 73,600 shares of the technology company’s stock worth $588,000 after acquiring an additional 46,700 shares in the last quarter. Finally, Stone Ridge Asset Management LLC bought a new position in Telenav during the 2nd quarter worth about $158,000. Institutional investors own 50.68% of the company’s stock.

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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