UBS Group AG lowered its stake in shares of Telenav Inc (NASDAQ:TNAV) by 41.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 13,681 shares of the technology company’s stock after selling 9,578 shares during the period. UBS Group AG’s holdings in Telenav were worth $75,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of TNAV. BlackRock Inc. raised its position in Telenav by 4.4% in the 1st quarter. BlackRock Inc. now owns 2,411,803 shares of the technology company’s stock worth $10,420,000 after purchasing an additional 101,830 shares during the period. SG Americas Securities LLC purchased a new position in Telenav in the 1st quarter worth $53,000. New York State Common Retirement Fund raised its position in Telenav by 471.7% in the 1st quarter. New York State Common Retirement Fund now owns 90,900 shares of the technology company’s stock worth $393,000 after purchasing an additional 75,000 shares during the period. Bank of New York Mellon Corp raised its position in Telenav by 1.9% in the 1st quarter. Bank of New York Mellon Corp now owns 161,283 shares of the technology company’s stock worth $697,000 after purchasing an additional 2,949 shares during the period. Finally, Russell Investments Group Ltd. raised its position in Telenav by 6.6% in the 1st quarter. Russell Investments Group Ltd. now owns 171,174 shares of the technology company’s stock worth $741,000 after purchasing an additional 10,609 shares during the period. Hedge funds and other institutional investors own 52.82% of the company’s stock.

In other news, major shareholder Nokomis Capital, L.L.C. sold 300,000 shares of Telenav stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $5.43, for a total transaction of $1,629,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Hassan Wahla sold 20,000 shares of Telenav stock in a transaction dated Thursday, July 16th. The shares were sold at an average price of $9.00, for a total transaction of $180,000.00. The disclosure for this sale can be found here. Insiders own 21.32% of the company’s stock.

A number of brokerages recently commented on TNAV. ValuEngine cut shares of Telenav from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. B. Riley raised shares of Telenav from a “neutral” rating to a “buy” rating and raised their price target for the stock from $5.00 to $8.00 in a report on Thursday, August 13th. Zacks Investment Research lowered shares of Telenav from a “hold” rating to a “sell” rating in a report on Friday, August 14th. Northland Securities began coverage on shares of Telenav in a report on Thursday, August 13th. They issued a “hold” rating on the stock. Finally, TheStreet raised shares of Telenav from a “d+” rating to a “c-” rating in a report on Friday, August 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $6.63.

Shares of Telenav stock opened at $4.09 on Thursday. The company’s fifty day simple moving average is $4.97 and its two-hundred day simple moving average is $5.03. The firm has a market cap of $192.56 million, a PE ratio of -18.59 and a beta of 0.18. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.05. Telenav Inc has a 12-month low of $3.71 and a 12-month high of $6.50.

Telenav (NASDAQ:TNAV) last announced its earnings results on Wednesday, August 12th. The technology company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The company had revenue of $35.35 million for the quarter, compared to the consensus estimate of $48.65 million. Telenav had a negative net margin of 4.16% and a negative return on equity of 5.57%. As a group, sell-side analysts expect that Telenav Inc will post -0.06 earnings per share for the current fiscal year.

About Telenav

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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Institutional Ownership by Quarter for Telenav (NASDAQ:TNAV)

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