Navan (NASDAQ:NAVN) Stock Price Up 9.7% – Here’s Why

Navan, Inc. (NASDAQ:NAVN) shares rose 9.7% on Wednesday . The company traded as high as $19.97 and last traded at $20.8760. Approximately 1,066,317 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,931,056 shares. The stock had previously closed at $19.03.

Analyst Ratings Changes

NAVN has been the topic of a number of recent analyst reports. BMO Capital Markets raised their target price on shares of Navan from $22.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, June 11th. Oppenheimer set a $30.00 target price on shares of Navan in a research note on Thursday, June 11th. Morgan Stanley raised their target price on shares of Navan from $25.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Jefferies Financial Group raised their target price 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. Finally, Weiss Ratings raised shares of Navan from a “sell (d-)” rating to a “sell (d)” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.64.

Navan Price Performance

The company has a quick ratio of 4.31, a current ratio of 4.31 and a debt-to-equity ratio of 0.10. The business’s 50-day simple moving average is $17.89 and its 200 day simple moving average is $14.62. The firm has a market capitalization of $5.33 billion and a P/E ratio of -9.83.

Navan (NASDAQ:NAVN) last issued its quarterly earnings results on Wednesday, June 10th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.20. The business had revenue of $220.23 million for the quarter. The company’s revenue was up 39.8% compared to the same quarter last year. Sell-side analysts forecast that Navan, Inc. will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Navan

In other Navan news, major shareholder Lightspeed Venture Partners Se sold 1,019,900 shares of the stock in a transaction that occurred on 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 insider directly owned 3,761,089 shares in the company, valued at $75,221,780. This trade represents a 21.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arif Janmohamed sold 1,019,900 shares of the stock in a transaction that occurred on 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 $75,221,780. The trade was a 21.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 4,301,854 shares of company stock valued at $84,486,871. 63.39% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Napean Trading & Investment Co Singapore PTE Ltd bought a new position in shares of Navan in the fourth quarter worth approximately $100,332,000. Teacher Retirement System of Texas bought a new position in shares of Navan in the fourth quarter worth approximately $8,540,000. Alkeon Capital Management LLC bought a new position in shares of Navan in the fourth quarter worth approximately $45,891,000. Lunate Capital Ltd bought a new position in shares of Navan in the fourth quarter worth approximately $3,416,000. Finally, Dragoneer Investment Group LLC bought a new position in shares of Navan in the fourth quarter worth approximately $35,791,000.

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.