Is Telenav Inc (NASDAQ:TNAV) ready to raly soon? Hedge funds are getting more optimistic. The number of long hedge fund positions went up by 2 recently.
At the moment, there are plenty of indicators investors can use to analyze their holdings. A duo of the best are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the elite hedge fund managers can outpace their index-focused peers by a very impressive amount (see just how much).
Just as important, bullish insider trading sentiment is another way to break down the investments you’re interested in. There are many stimuli for a bullish insider to cut shares of his or her company, but just one, very simple reason why they would initiate a purchase. Plenty of academic studies have demonstrated the valuable potential of this method if “monkeys” know where to look (learn more here).
Keeping this in mind, we’re going to take a peek at the latest action regarding Telenav Inc (NASDAQ:TNAV).
Hedge fund activity in Telenav Inc (NASDAQ:TNAV)
Heading into 2013, a total of 12 of the hedge funds we track were long in this stock, a change of 20% from the third quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of key hedge fund managers who were upping their stakes considerably.
When looking at the hedgies we track, Chuck Royce’s Royce & Associates had the largest position in Telenav Inc (NASDAQ:TNAV), worth close to $6 million, accounting for 0% of its total 13F portfolio. The second largest stake is held by Brett Hendrickson of Nokomis Capital, with a $5 million position; 1.8% of its 13F portfolio is allocated to the stock. Other peers that hold long positions include Jim Simons’s Renaissance Technologies, Cliff Asness’s AQR Capital Management and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.
As one would reasonably expect, key money managers were leading the bulls’ herd. Nokomis Capital, managed by Brett Hendrickson, assembled the biggest position in Telenav Inc (NASDAQ:TNAV). Nokomis Capital had 5 million invested in the company at the end of the quarter. James Pallotta’s Raptor Capital Management also initiated a $0 million position during the quarter. The following funds were also among the new TNAV investors: Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners, Mike Vranos’s Ellington, and Mario Gabelli’s GAMCO Investors.
What have insiders been doing with Telenav Inc (NASDAQ:TNAV)?
Insider purchases made by high-level executives is most useful when the company in focus has seen transactions within the past half-year. Over the latest six-month time frame, Telenav Inc (NASDAQ:TNAV) has seen zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Telenav Inc (NASDAQ:TNAV). These stocks are Vishay Precision Group Inc (NYSE:VPG), Affymetrix, Inc. (NASDAQ:AFFX), Mitcham Industries, Inc. (NASDAQ:MIND), GSI Group Inc. (USA) (NASDAQ:GSIG), and Zygo Corporation (NASDAQ:ZIGO). This group of stocks are in the scientific & technical instruments industry and their market caps resemble TNAV’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Vishay Precision Group Inc (NYSE:VPG)||10||0||0|
|Affymetrix, Inc. (NASDAQ:AFFX)||11||0||0|
|Mitcham Industries, Inc. (NASDAQ:MIND)||9||1||1|
|GSI Group Inc. (USA) (NASDAQ:GSIG)||8||0||0|
|Zygo Corporation (NASDAQ:ZIGO)||8||2||1|
With the results shown by our research, retail investors must always watch hedge fund and insider trading activity, and Telenav Inc (NASDAQ:TNAV) is an important part of this process.