B.Riley FBR Believes Telenav (NASDAQ: TNAV) Still Has Room to Grow

By Ryan Adsit

In a report released today, Josh Nichols from B.Riley FBR reiterated a Buy rating on Telenav (TNAVResearch Report), with a price target of $9.50. The company’s shares closed yesterday at $6.89, close to its 52-week high of $7.

Nichols observed:

“PT), our Alpha Generator pick, reported F3Q19 (Mar) billings, revenue, and adj. CFO of $69M, $53M, and $4.2M, all of which came in at or above the top of guidance as well as our $63M, $51M, and $0.3M, respectively. Management also reiterated that the company remains on track to achieve its goal of becoming adj. CFO positive for FY19. The company saw strong take rates at Ford as well as Q/Q growth at GM where the model launches earlier in the fiscal year have contributed to sequential growth for the past three quarters. Specifically, during the quarter, Ford accounted for 55% of billings and GM was 20%. Ford billings increased $3.1M $38M (up 9% Q/Q), and GM billings increased $1.1M from $13M to $14M (up 9% Q/Q).”

According to TipRanks.com, Nichols is a 4-star analyst with an average return of 14.0% and a 42.9% success rate. Nichols covers the Consumer Goods sector, focusing on stocks such as Adesto Technologies Corp, Pointer Telocation Ltd, and Immersion Corp.

Currently, the analyst consensus on Telenav is a Moderate Buy with an average price target of $9.50.

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Based on Telenav’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $4.58 million. In comparison, last year the company had a GAAP net loss of $30.76 million.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TNAV in relation to earlier this year. Earlier this month, Jin H.P., the CEO of TNAV bought 344,377 shares for a total of $2,293,451.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

TeleNav, Inc. engages in the provision of personalized mobile navigation and location based platform services. It operates through the following segments: Automotive, Advertising, and Mobile Navigation. The Automotive segment supplies map and navigation platform to auto and original equipment manufacturers for distribution with its vehicles.