Navan, Inc.'s (NASDAQ:NAVN) Lock-Up Period Will Expire on April 28th

Key Points

• Navan's lock-up period expires on April 28, freeing shares held by insiders and major IPO investors (36,924,406 shares from the Oct. 30 offering totaling $923.1M at $25) to be traded.
• Multiple law firms have filed or announced securities class actions alleging IPO disclosure issues and are soliciting lead plaintiffs, with several procedural deadlines notably set for April 24, creating near-term legal risk for the company.
• Analysts have a consensus rating of Moderate Buy with a $21 price target, while NAVN shares trade near $15.35 (market cap ~$3.85B); the company recently reported an EPS beat and 34.8% year-over-year revenue growth for the quarter.

Navan's (NASDAQ:NAVN - Get Free Report) lock-up period is set to expire on Tuesday, April 28th. Navan had issued 36,924,406 shares in its initial public offering on October 30th. The total size of the offering was $923,110,150 based on an initial share price of $25.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NAVN. The Goldman Sachs Group lifted their target price on shares of Navan from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Friday, March 27th. Rosenblatt Securities reduced their price target on shares of Navan from $30.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, March 23rd. Bank of America began coverage on shares of Navan in a research note on Tuesday, April 7th. They issued a "buy" rating and a $17.00 price target for the company. Oppenheimer reduced their price target on shares of Navan from $25.00 to $17.00 and set an "outperform" rating for the company in a research note on Thursday, March 26th. Finally, Weiss Ratings began coverage on shares of Navan in a research note on Tuesday, January 27th. They issued a "sell (d)" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.00.

Navan Stock Up 1.9%

Shares of NAVN stock opened at $15.35 on Tuesday. The business has a 50 day moving average of $10.97. Navan has a 52 week low of $8.10 and a 52 week high of $22.75. The company has a market capitalization of $3.85 billion and a price-to-earnings ratio of -7.34. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.07 and a quick ratio of 4.07.

Navan (NASDAQ:NAVN - Get Free Report) last announced its quarterly earnings results on Wednesday, March 25th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.24) by $0.26. The company had revenue of $177.92 million during the quarter. Navan's revenue for the quarter was up 34.8% compared to the same quarter last year. Analysts anticipate that Navan will post -0.33 earnings per share for the current year.

Insider Buying and Selling at Navan

In related news, insider Anne Mary Giviskos sold 31,150 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $9.52, for a total transaction of $296,548.00. Following the completion of the sale, the insider directly owned 74,940 shares in the company, valued at approximately $713,428.80. The trade was a 29.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Michael Eric Sindicich sold 9,349 shares of the business's stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $13.86, for a total transaction of $129,577.14. Following the sale, the president owned 310,514 shares of the company's stock, valued at $4,303,724.04. This trade represents a 2.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 245,597 shares of company stock valued at $2,208,060.

Navan News Summary

Here are the key news stories impacting Navan this week:

• Negative Sentiment: Levi & Korsinsky published a disclosure timeline alleging a pattern of investor harm tied to Navan’s IPO; the firm is soliciting affected investors. Levi & Korsinsky: Navan Disclosure Timeline Reveals Pattern of Alleged Investor Harm
• Negative Sentiment: Hagens Berman alleges the IPO omitted the surge in sales & marketing spend and urges investors to move for lead plaintiff before April 24. Hagens Berman: NAVN Shareholder Notice
• Negative Sentiment: Bronstein, Gewirtz & Grossman confirms a class action has been filed against Navan and its officers related to the IPO disclosures and solicits affected investors. Bronstein, Gewirtz & Grossman: Class Action Filed
• Negative Sentiment: The Schall Law Firm announces a securities‑fraud class action against Navan and is seeking lead plaintiffs for IPO‑period purchasers. Schall Law Firm: NAVN Investors Opportunity
• Negative Sentiment: Robbins Geller reminds IPO purchasers they have until April 24 to seek appointment as lead plaintiff in the McCown v. Navan action. Robbins Geller: Investor Deadline
• Negative Sentiment: DJS Law Group, Faruqi & Faruqi, Rosen Law Firm and others have issued similar notices urging affected shareholders to contact counsel before the April 24 deadline. DJS Law Group: Navan Sued

Institutional Trading of Navan

Large investors have recently added to or reduced their stakes in the business. Lunate Capital Ltd bought a new stake in Navan during the fourth quarter valued at approximately $3,416,000. Sender Co & Partners Inc. bought a new stake in Navan during the fourth quarter valued at approximately $187,000. Royal Bank of Canada bought a new stake in Navan during the fourth quarter valued at approximately $35,000. Cosmic Management LLC bought a new stake in Navan during the fourth quarter valued at approximately $121,930,000. Finally, Dragoneer Investment Group LLC bought a new stake in Navan during the fourth quarter valued at approximately $35,791,000.

Navan Company Profile

Navan NASDAQ: NAVN is a technology company that provides an integrated platform for corporate travel, expense management and business payments. The company combines online travel booking and itinerary management with expense reporting, corporate card services and payment processing to help organizations consolidate travel and T&E (travel and expense) workflows into a single system. Navan emphasizes a mobile-first user experience, automated reconciliation and policy controls to simplify administrative processes for finance and travel teams while improving the experience for travelers.

Navan’s offerings typically include online and mobile travel booking, real-time traveler support and duty-of-care features, automated expense capture and reporting, corporate card and virtual card issuance, and tools for payments and invoice management.

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