Navan (NASDAQ:NAVN) Shares Down 4.9% - Here's What Happened

Key Points

• Navan shares fell 4.9% on Tuesday, closing at $26.37 after trading as low as $26.63, with volume well below average.
• Despite the dip, Wall Street remains broadly bullish: analysts have a consensus rating of “Moderate Buy” and an average price target of $29.07, with several firms recently raising their targets to as high as $30.
• Navan’s latest earnings showed strong revenue growth, with quarterly revenue up 39.8% year over year to $220.23 million and EPS of $0.08, beating estimates; however, insiders have also been significant sellers recently.

Navan, Inc. (NASDAQ:NAVN - Get Free Report) dropped 4.9% during trading on Tuesday . The stock traded as low as $26.63 and last traded at $26.3730. 548,953 shares changed hands during trading, a decline of 83% from the average daily volume of 3,307,711 shares. The stock had previously closed at $27.73.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on NAVN shares. Bank of America raised their target price on shares of Navan from $20.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, June 11th. Mizuho increased their price target on shares of Navan from $25.00 to $30.00 and gave the company an "outperform" rating in a research note on Thursday, June 11th. BNP Paribas Exane lifted their price objective on shares of Navan from $27.00 to $30.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. BMO Capital Markets boosted their price objective on shares of Navan from $22.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group raised shares of Navan from a "buy" rating to a "buy" rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Navan presently has an average rating of "Moderate Buy" and a consensus price target of $29.07.

Navan Stock Performance

The stock has a 50 day simple moving average of $22.15 and a 200 day simple moving average of $16.19. The company has a current ratio of 4.31, a quick ratio of 4.31 and a debt-to-equity ratio of 0.10. The stock has a market cap of $6.69 billion and a P/E ratio of -12.21.

Navan (NASDAQ:NAVN - Get Free Report) last released its earnings results on Wednesday, June 10th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.12) by $0.20. The firm had revenue of $220.23 million during the quarter. The business's revenue for the quarter was up 39.8% compared to the same quarter last year. On average, equities analysts expect that Navan, Inc. will post -0.37 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Arif Janmohamed sold 1,019,900 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $20.00, for a total transaction of $20,398,000.00. Following the transaction, the director owned 3,761,089 shares in the company, valued at approximately $75,221,780. This represents a 21.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Lightspeed Venture Partners Se sold 1,019,900 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $20.00, for a total value of $20,398,000.00. Following the transaction, the insider directly owned 3,761,089 shares in the company, valued at $75,221,780. The trade was a 21.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 5,139,153 shares of company stock valued at $102,867,420 in the last quarter. 63.39% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Navan

A number of hedge funds and other institutional investors have recently modified their holdings of NAVN. Handelsbanken Fonder AB purchased a new position in Navan in the second quarter worth $579,000. Versant Capital Management Inc increased its position in shares of Navan by 23.2% during the 2nd quarter. Versant Capital Management Inc now owns 5,785 shares of the company's stock valued at $132,000 after purchasing an additional 1,091 shares during the last quarter. CTC Alternative Strategies Ltd. bought a new stake in shares of Navan during the 1st quarter worth $177,000. Bank of America Corp DE raised its stake in shares of Navan by 733.7% during the 1st quarter. Bank of America Corp DE now owns 210,524 shares of the company's stock worth $2,787,000 after purchasing an additional 185,271 shares during the period. Finally, Janus Henderson Group PLC purchased a new position in shares of Navan in the 1st quarter worth about $367,000.

About Navan

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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