|Over a week ago|
TeleNav selloff yesterday on recognition concerns overdone, says B. Riley FBR » 09:3202/1302/13/20
B. Riley FBR analyst Josh…
B. Riley FBR analyst Josh Nichols views the selloff yesterday in shares of TeleNav on revenue recognition concerns as overdone. The stock fell after the company updated its revenue recognition accounting related to it agreements with Grab, Southeast's Asia's leading ride-hailing platform, and provided an updated outlook, Nichols tells investors in a research note. The selloff is overdone and more of a knee-jerk reaction, as the updated outlook will not impact cash with no material impact to the fundamentals of the company, says Nichols. He does not believe TeleNav's business fundamentals have changed and would be buyers of the shares on this dip. The analyst reiterates a Buy rating on the name with a $7.50 price target.
TeleNav sees Q3 revenue $61.5M-$63.5M, two est. $63.88M 08:2002/1302/13/20
TeleNav reports Q2 revenue $73.9M, up 47% from 2Q19 08:1902/1302/13/20
TeleNav reports Q1 revenue $66.6M, up 44% from 1Q19 08:1802/1302/13/20
TeleNav files from 10-Q/A for Q1, 10-Q for Q2 » 08:1702/1302/13/20
Telenav announced that on…
Telenav announced that on February 12, 2020 it filed with the Securities and Exchange Commission an amended Form 10-Q/A for three months ended September 30, 2019, and its Form 10-Q for the three months ended December 31, 2019. Subsequent to the issuance of Telenav's earnings release and related investor presentation on February 6, 2020, and conference call and webcast with investors, Telenav further reviewed and updated its reporting of revenue related to its agreements with Grab Holdings, Inc. and certain of its subsidiaries. This updated revenue affects the three months ended September 30, 2019 and the three and six months ended December 31, 2019, as well as the outlook Telenav provided on February 6, 2020 for the three months ending March 31, 2020. The Form 10-Q/A for the three months ended September 30, 2019 and Form 10-Q for the three months ended December 31, 2019 reflect the following updated revenue and other effects of the Grab Transaction:
TeleNav files to delay 10-Q, cites finding of weakness in internal control » 08:2002/1202/12/20
In a regulatory filing…
In a regulatory filing last night, Telenav disclosed that the company is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the period ended December 31, 2019 within the prescribed time period. Subsequent to the issuance of a press release and related investor presentation and conference call and webcast with investors on February 6, the company further reviewed and updated its reporting of revenue related to its agreements with Grab Holdings, Inc. and certain of its subsidiaries. "The Audit Committee of the Board of Directors concluded that the company has a material weakness in its internal control over financial reporting as of September 30, 2019 and December 31, 2019 related to a design deficiency in the company's review controls over unusual or non-recurring and significant transactions...As a result of the material weakness, the Audit Committee has concluded that the company's internal control over financial reporting and disclosure controls and procedures were not effective as of September 30, 2019 and December 31, 2019. The company intends to file as soon as practicable its Quarterly Report on Form 10-Q for the three months ended December 31, 2019," the filing stated.
Fly Intel: Pre-market Movers » 09:1002/0702/07/20
UBER, ABBV, ATVI, COLL, SKX, TNAV, NLOK, HBI, GOOS, TTWO, EBAY, ACB, CS
UP AFTER EARNINGS: Uber…
UP AFTER EARNINGS: Uber (UBER), up 6%... AbbVie (ABBV), up 3%... Activision Blizzard (ATVI), up 1%... Skechers (SKX), up 11%... Telenav (TNAV), up 21%... NortonLIfeLock (NLOK), up 6%. ALSO HIGHER: Collegium Pharmaceutical (COLL), up 20% after acquiring the U.S. rights to the Nucynta franchise from Assertio Therapeutics (ASRT) for $375M in cash. DOWN AFTER EARNINGS: Hanesbrands (HBI), down 2%... Canada Goose (GOOS), down 8%... Take-Two (TTWO), down 9%. ALSO LOWER: eBay (EBAY), down 6% after IntercontinentalExchange (ICE) said it has decided to cease exploring strategic opportunities with the company... Aurora Cannabis (ACB), down 16% after announcing CEO Terry booth will retire, the elimination of approximately 500 full-time staff and a thorough review of all business operations... Credit Suisse (CS), down 1% after announcing CEO Tidjane Thiam will resign and appointing Thomas Gottstein as Group CEO.
Fly Intel: After Hours Movers » 19:0902/0602/06/20
TNAV, PINS, SYNA, SKX, EGAN, TWOU, DXC, BILL, NLOK, UBER, SIMO, VSAT, CSL, ATVI, LGND, VRTU, MEIP, LGF, TMUS, COLL, MYGN, LMAT, TTWO, PXLW, MOBL, SGEN, FLT, TDC, TSE, MTD, FWRD, COLM, ZEN, AVNW, WYNN, MGEN
UP AFTER EARNINGS:…
UP AFTER EARNINGS: Telenav (TNAV) up 23.4%... Pinterest (PINS) up 17.6%... Synaptics (SYNA) up 17.0%... Skechers (SKX) up 13.3%... eGain Corp (EGAN) up 10.8%... 2U (TWOU) up 8.6%... DXC Technology (DXC) up 7.3%... Bill.com (BILL) up 7.2%... NortonLifeLock (NLOK) up 6.9%... Uber (UBER) up 4.6%... Silicon Motion (SIMO) up 3.2%... Viasat (VSAT) up 3.0%... Carlisle (CSL) up 2.6%... Activision Blizzard (ATVI) up 2.5%... Ligand Pharma (LGND) up 2.4%... Virtusa (VRTU) up 2.1%... MEI Pharma (MEIP) up 1.4%... Lions Gate (LGF) up 1.2%... T-Mobile (TMUS) up 0.9%. ALSO HIGHER: Collegium Pharma (COLL) up 8.4% after acquiring U.S. rights to Nucynta. DOWN AFTER EARNINGS: Myriad Genetics (MYGN) down 29.5%... LeMaitre Vascular (LMAT) down 14.8%... Take-Two Interactive (TTWO) down 8.3%... Pixelworks (PXLW) down 7.7%... MobileIron (MOBL) down 7.4%... Seattle Genetics (SGEN) down 5.4%... FleetCor Tech (FLT) down 4.8%... Teradata (TDC) down 4.5%... Trinseo (TSE) down 4.0%... Mettler-Toledo (MTD) down 3.7%... Forward Air (FWRD) down 3.6%... Columbia Sportswear (COLM) down 3.4%... Zendesk (ZEN) down 3.2%... Aviat Network (AVNW) down 3.0%... Wynn Resorts (WYNN) down 1.2%. ALSO LOWER: Miragen Therapeutics (MGEN) down 24.2% after equity offering. Movers as of 18:30ET.
TeleNav reports Q2 EPS 13c, two estimates (8c) » 16:0702/0602/06/20
Reports Q2 revenue…
Reports Q2 revenue $67.35M, consensus $56.14M.
|Over a month ago|
TeleNav impact from Garmin, Ford tie-up likely muted, says B. Riley FBR » 09:0801/0801/08/20
TNAV, GRMN, F
Telenav (TNAV) shares…
Telenav (TNAV) shares dropped over 16% yesterday after news broke that Garmin (GRMN) entered into a collaboration agreement to integrate its navigation technology into Ford's (F) Mustang Mach-E, B. Riley FBR analyst Josh Nichols tells investors in a research note. Garmin will be integrating its electric vehicle-specific navigation features into the electric Mustang, which is launching in late 2020 and is Ford's first long-range electric car. As a reminder, Ford accounted for $35M or 54% of TeleNav's September quarter revenue, Buck points out. However, while Ford's collaboration with a competing navigation provider is "clearly negative" for TeleNav and represents a "potential chink in the armor," the venture appears to only pertain to the Mach-E, and the near-term financial impact is likely to be muted, contends the analyst. Buck also highlights that TeleNav CEO H.P. Jin bought 150,000 shares of stock in November at $4.89 per share, which is above the current share price. He keeps a Buy rating on the name with a $6.25 price target.