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

Navan, Inc. (NASDAQ:NAVN) saw a significant 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. Based on an average trading volume of 6,012,882 shares, the short-interest ratio is presently 1.9 days. Approximately 12.3% of the shares of the company are sold short.

Analysts Set New Price Targets

NAVN has been the topic of several recent research reports. Bank of America increased their price target on shares of Navan from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Rosenblatt Securities raised their target price on Navan from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Citizens Jmp lifted their target price on Navan from $31.00 to $38.00 and gave the company a “market outperform” rating in a research report on Thursday, June 11th. Jefferies Financial Group boosted their price target on Navan from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Finally, The Goldman Sachs Group upgraded Navan from a “buy” rating to a “buy” rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Navan presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.07.

Navan Price Performance

Shares of NAVN 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. The business has a fifty day moving average of $21.52 and a 200 day moving average of $15.91. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.31 and a current ratio of 4.31. The firm has a market cap of $6.43 billion and a price-to-earnings ratio of -11.76. Navan has a 12 month low of $8.10 and a 12 month high of $28.22.

Navan (NASDAQ:NAVN) last announced 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 firm had revenue of $220.23 million for the quarter. The business’s quarterly revenue was up 39.8% compared to the same quarter last year. Equities analysts predict that Navan will post -0.37 EPS for the current year.

Insider Activity at Navan

In other Navan news, Director Arif Janmohamed sold 77,323 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $19.06, for a total value of $1,473,776.38. Following the transaction, the director owned 2,280,989 shares of the company’s stock, valued at approximately $43,475,650.34. This represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ariel M. Cohen sold 41,530 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $21.06, for a total value of $874,621.80. Following the completion of the transaction, the chief executive officer directly owned 1,254,731 shares in the company, valued at $26,424,634.86. The trade was a 3.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 5,139,153 shares of company stock valued at $102,867,420 in the last 90 days. 63.39% of the stock is owned by company insiders.

Institutional Investors Weigh In On Navan

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Lightspeed Management Company L.L.C. bought a new position in shares of Navan in the fourth quarter worth about $852,658,000. a16z Capital Management L.L.C. bought a new stake in Navan during the 4th quarter valued at approximately $464,497,000. Greenoaks Capital Partners LLC purchased a new position in Navan in the 4th quarter worth approximately $274,088,000. Cosmic Management LLC purchased a new position in Navan in the 4th quarter worth approximately $121,930,000. Finally, Napean Trading & Investment Co Singapore PTE Ltd bought a new position 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.