Northland Securities analyst Michael Latimore maintained a Buy rating on Telenav (TNAV) today and set a price target of $11. The company’s shares closed yesterday at $6.89, close to its 52-week high of $7.
Latimore wrote:
“We view growth in auto billings GP as the best indicator of growth in the auto business. Adjusted CFFO was $2.6 mil v. our ($0.2) mil estimate. More than 1.3 mil units capable of connected services were deployed in 3Q bringing cumulative deployment to 13.3 mil. General Motors grew to 19% of revenue and 20% of billings in the quarter compared to 17% of revenues and 20% of billings in Q2. Ford represented 54% and 55% of total revenue and billings in the quarter, respectively. This compares to 57% and 55% of total revenue and billings in Q2. Ended the quarter with $86.5 mil in cash and no debt.”
According to TipRanks.com, Latimore is a 5-star analyst with an average return of 15.0% and a 57.5% success rate. Latimore covers the Technology sector, focusing on stocks such as Super League Gaming Inc, The Meet Group Inc, and Brightcove Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Telenav with a $10.25 average price target, implying a 48.8% upside from current levels. In a report issued on April 30, B.Riley FBR also assigned a Buy rating to the stock with a $9.50 price target.
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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.
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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.
