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.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| PDFS | 19 | 56317 | 5 |
| IMMR | 21 | 131935 | -1 |
| SAND | 8 | 23749 | 1 |
| LNDC | 13 | 65926 | 5 |
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.
