Telenav Inc (NASDAQ:TNAV) Sees Significant Increase in Short Interest

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Telenav Inc (NASDAQ:TNAV) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totalling 649,400 shares, a growth of 40.4% from the May 30th total of 462,600 shares. Based on an average daily volume of 295,600 shares, the days-to-cover ratio is currently 2.2 days. Currently, 1.8% of the company’s shares are short sold.

In related news, SVP Philipp Wolfgang Josef Kandal sold 5,000 shares of the company’s stock in a transaction that occurred on 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Salman Dhanani sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $7.18, for a total value of $718,000.00. Following the transaction, the insider now owns 481,683 shares of the company’s stock, valued at approximately $3,458,483.94. The disclosure for this sale can be found here. Insiders sold 317,180 shares of company stock valued at $2,414,275 in the last quarter. Corporate insiders own 24.82% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Optimum Investment Advisors purchased a new stake in Telenav in the first quarter worth $30,000. BNP Paribas Arbitrage SA grew its stake in Telenav by 1,645.3% in the first quarter. BNP Paribas Arbitrage SA now owns 6,545 shares of the technology company’s stock worth $40,000 after purchasing an additional 6,170 shares during the period. Virtu Financial LLC purchased a new stake in Telenav in the first quarter worth $155,000. B. Riley Wealth Management Inc. purchased a new stake in Telenav in the first quarter worth $160,000. Finally, Barclays PLC grew its stake in Telenav by 150.3% in the fourth quarter. Barclays PLC now owns 29,297 shares of the technology company’s stock worth $119,000 after purchasing an additional 17,592 shares during the period. 49.30% of the stock is currently owned by institutional investors.

A number of equities analysts recently commented on TNAV shares. Zacks Investment Research downgraded Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a report on Wednesday, June 26th. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. BidaskClub downgraded Zebra Technologies from a “hold” rating to a “sell” rating in a report on Friday, May 24th. Finally, Northland Securities set a $50.00 target price on Polarityte and gave the company a “buy” rating in a report on Friday, May 10th. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $8.38.

Shares of TNAV stock opened at $8.79 on Friday. The stock has a market capitalization of $397.55 million, a PE ratio of -4.51 and a beta of 0.73. The business has a fifty day moving average price of $7.80. Telenav has a twelve month low of $3.35 and a twelve month high of $8.84.

Telenav (NASDAQ:TNAV) last issued its quarterly earnings results on Thursday, May 9th. The technology company reported ($0.16) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.02. The company had revenue of $53.07 million for the quarter, compared to analysts’ expectations of $51.02 million. Telenav had a negative return on equity of 57.09% and a negative net margin of 26.03%. On average, equities analysts anticipate that Telenav will post -0.63 EPS for the current year.

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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