Short Interest in Navan, Inc. (NASDAQ:NAVN) Grows By 106.0%

Key Points

• Short interest in Navan surged 106% in June to 11.4 million shares, or about 12.3% of the float, with a short-interest ratio of 1.9 days.
• Navan stock slipped 2% to $25.29, near its 52-week high of $28.22, while the company’s recent quarterly results showed EPS of $0.08 versus a loss estimate and revenue growth of 39.8% year over year.
• Analysts remain generally bullish, with several firms raising price targets and a consensus rating of “Moderate Buy” at a target price of $29.07, even as some insiders recently sold shares.

Navan, Inc. (NASDAQ:NAVN - Get Free Report) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 11,416,427 shares, a growth of 106.0% from the June 15th total of 5,542,782 shares. Approximately 12.3% of the company's shares are short sold. Based on an average daily volume of 6,012,882 shares, the short-interest ratio is currently 1.9 days.

Navan Stock Down 2.0%

Navan stock traded down $0.51 during mid-day trading on Wednesday, reaching $25.29. The stock had a trading volume of 5,294,200 shares, compared to its average volume of 3,307,807. Navan has a one year low of $8.10 and a one year high of $28.22. The company has a 50-day moving average price of $21.52 and a two-hundred day moving average price of $15.91. The company has a market capitalization of $6.43 billion and a price-to-earnings ratio of -11.76. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.31 and a quick ratio of 4.31.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on NAVN. Citizens Jmp raised their price target on shares of Navan from $31.00 to $38.00 and gave the stock a "market outperform" rating in a report on Thursday, June 11th. Jefferies Financial Group upped their price objective on shares of Navan from $18.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, June 11th. Rosenblatt Securities increased their target price on shares of Navan from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Bank of America boosted their price target on Navan from $20.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, June 11th. Finally, BMO Capital Markets upped their price target on Navan from $22.00 to $30.00 and gave the company an "outperform" rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $29.07.

Insider Buying and Selling

In other Navan news, major shareholder Lightspeed Venture Partners Se sold 1,019,900 shares of the business'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 completion of the sale, the insider owned 3,761,089 shares in the company, valued at approximately $75,221,780. The trade was a 21.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Michael Eric Sindicich sold 51,169 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $20.20, for a total value of $1,033,613.80. Following the sale, the president directly owned 549,251 shares of the company's stock, valued at approximately $11,094,870.20. This trade represents a 8.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 5,139,153 shares of company stock valued at $102,867,420 over the last quarter. Company insiders own 63.39% of the company's stock.

Institutional Trading of Navan

Several institutional investors have recently added to or reduced their stakes in NAVN. Lightspeed Management Company L.L.C. bought a new position in Navan during the 4th quarter valued at about $852,658,000. a16z Capital Management L.L.C. purchased a new position in shares of Navan during the fourth quarter valued at approximately $464,497,000. Greenoaks Capital Partners LLC bought a new position in Navan during the fourth quarter valued at approximately $274,088,000. Cosmic Management LLC purchased a new stake in Navan in the fourth quarter worth approximately $121,930,000. Finally, Napean Trading & Investment Co Singapore PTE Ltd bought a new stake in Navan in the 4th quarter worth approximately $100,332,000.

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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