Navan Stock Plunges 60% From $25 IPO, but This $100 Million Stake Makes Up 20% of a Portfolio
Key Points
Singapore-based Napean Trading & Investment initiated a position in Navan during the fourth quarter, with 5,874,257 shares acquired.
The quarter-end position value rose by $100.33 million due to the purchase activity.
Navan becomes a significant holding, accounting for 19.52% of 13F AUM.
- 10 stocks we like better than Navan ›
Singapore-based Napean Trading & Investment disclosed a new stake in Navan (NASDAQ:NAVN) in its February 13, 2026, SEC filing, acquiring 5,874,257 shares in an estimated $100.33 million trade.
What happened
According to its SEC filing dated February 13, 2026, Napean Trading & Investment Co established a new position in Navan, acquiring 5,874,257 shares. The estimated transaction value was $100.33 million.
What else to know
- This was a new position; the holding now represents 19.52% of the fund’s 13F reportable AUM
- Top five holdings after the filing:
- NASDAQ: HOOD: $118.73 million (23.1% of AUM)
- NASDAQ: NAVN: $100.33 million (19.5% of AUM)
- NASDAQ: AVGO: $21.08 million (4.1% of AUM)
- NASDAQ: BLLN: $19.10 million (3.7% of AUM)
- NASDAQ: LRCX: $18.07 million (3.5% of AUM)
- As of February 13, 2026, Navan shares were priced at $10.44, down nearly 60% from their October IPO price of $25.
Company overview
| Metric | Value |
|---|---|
| Employees | 3,400 |
| Revenue (TTM) | $656.3 million |
| Net income (TTM) | ($371.9 million) |
Company snapshot
- Navan provides an AI-powered software platform for travel, payments, and expense management.
- It offers a software platform for travel, payments, and expense management.
- Navan serves finance, human resources, and travel managers.
Navan leverages artificial intelligence to deliver an integrated solution for corporate travel and expense management, positioning itself as a technology leader in the business software sector. With a scalable platform and a focus on automation, the company aims to reduce friction and costs for enterprise clients managing complex travel and expense needs. Navan's strategy centers on innovation and workflow efficiency, supporting its competitive edge in the rapidly evolving travel technology landscape.
What this transaction means for investors
Allocating roughly $100 million, or 19.5% of reportable assets, to a newly public company whose stock is still nearly 60% below its $25 IPO price signals conviction that the market is mispricing the story. Navan reported 29% year over year revenue growth to $195 million in the October quarter, with gross booking volume up 40% to $2.6 billion and non-GAAP operating margin expanding to 13%. Full year guidance calls for roughly $685 million in revenue and positive non-GAAP operating income.
That combination matters. Usage revenue rose 29%, subscription revenue climbed 26%, and the company ended the quarter with $809 million in cash following its IPO. GAAP losses remain steep, but stock-based compensation and debt-related charges drove much of the gap.
Within this portfolio, only Robinhood carries more weight. That tells you this investor is leaning hard into fintech-enabled platforms with transaction volume upside.
For long-term investors, the question is simple. Do you believe Navan can convert 40% booking growth into durable margin expansion? If yes, a beaten-down IPO with improving operating leverage can be powerful. If not, concentration risk cuts both ways.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Lam Research. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy.
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