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

Navan, Inc. (NASDAQ:NAVN)’s stock price 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 research analyst reports. The Goldman Sachs Group raised shares of Navan from a “buy” rating to a “buy” rating in a report on Monday, June 8th. Weiss Ratings raised shares of Navan from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday. Citizens Jmp boosted 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. Rosenblatt Securities boosted their price target on shares of Navan from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Finally, Citigroup reissued an “outperform” rating on shares of Navan in a report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $28.64.

Navan Stock Performance

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

Navan (NASDAQ:NAVN) last released its quarterly earnings data on Wednesday, June 10th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.12) by $0.20. The business had revenue of $220.23 million for the quarter. The company’s quarterly revenue was up 39.8% compared to the same quarter last year. As a group, equities research analysts expect that Navan, Inc. will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Navan

In other Navan news, CEO Ariel M. Cohen sold 151,007 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $8.62, for a total transaction of $1,301,680.34. Following the sale, the chief executive officer directly owned 1,003,918 shares of the company’s stock, valued at $8,653,773.16. This represents a 13.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Arif Janmohamed sold 1,004,231 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $20.37, for a total transaction of $20,456,185.47. Following the completion of the sale, the director directly owned 2,756,858 shares in the company, valued at approximately $56,157,197.46. The trade was a 26.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 4,301,854 shares of company stock valued at $84,486,871. Insiders own 63.39% of the company’s stock.

Institutional Investors Weigh In On Navan

Institutional investors and hedge funds have recently modified their holdings of the company. Napean Trading & Investment Co Singapore PTE Ltd purchased a new stake in shares of Navan in the fourth quarter worth about $100,332,000. Teacher Retirement System of Texas purchased a new stake in shares of Navan in the fourth quarter worth about $8,540,000. Alkeon Capital Management LLC purchased a new stake in shares of Navan in the fourth quarter worth about $45,891,000. Lunate Capital Ltd purchased a new stake in shares of Navan in the fourth quarter worth about $3,416,000. Finally, Dragoneer Investment Group LLC purchased a new stake in shares of Navan in the fourth quarter worth about $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.