Is Telenav Inc (TNAV) A Good Stock To Buy?

Due to the fact that Telenav Inc (NASDAQ:TNAV) has faced falling interest from hedge fund managers, we can see that there were a few hedge funds that elected to cut their positions entirely in the third quarter. It’s worth mentioning that Chuck Royce’s Royce & Associates dropped the biggest investment of the 700 funds tracked by Insider Monkey, valued at an estimated $3.3 million in stock, and Richard Driehaus’ Driehaus Capital was right behind this move, as the fund cut about $2.5 million worth of TNAV shares. These bearish behaviors are important to note, as aggregate hedge fund interest was cut by 4 funds in the third quarter.

Let’s also examine hedge fund activity in other stocks similar to Telenav Inc (NASDAQ:TNAV). We will take a look at PDF Solutions, Inc. (NASDAQ:PDFS), Immersion Corporation (NASDAQ:IMMR), Sandstorm Gold Ltd. (NYSEMKT:SAND), and Landec Corporation (NASDAQ:LNDC). All of these stocks’ market caps are closest to TNAV’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $69 million. TNAV was not far behind with $66 million worth of investments. Immersion Corporation (NASDAQ:IMMR) is the most popular stock in this table. On the other hand Sandstorm Gold Ltd. (NYSEMKT:SAND) is the least popular one with only 8 bullish hedge fund positions. Telenav Inc (NASDAQ:TNAV) is not the most popular stock in this group, but hedge fund interest is still above average. Although this is a slightly positive signal, we’d rather spend our time researching stocks that hedge funds are piling on. In this regard IMMR might be a better candidate to consider a long position.