Navan Stock Plunges 60% From $25 IPO, but This $100 Million Stake Makes Up 20% of a Portfolio

11 hours ago 1

Jonathan Ponciano, The Motley Fool

Sat, February 14, 2026 astatine 11:02 AM CST 3 min read

Singapore-based Napean Trading & Investment disclosed a caller involvement successful Navan (NASDAQ:NAVN) successful its February 13, 2026, SEC filing, acquiring 5,874,257 shares successful an estimated $100.33 cardinal trade.

According to its SEC filing dated February 13, 2026, Napean Trading & Investment Co established a caller presumption successful Navan, acquiring 5,874,257 shares. The estimated transaction worth was $100.33 million.

This was a caller position; the holding present represents 19.52% of the fund’s 13F reportable AUM
Top 5 holdings aft the filing:
- NASDAQ: HOOD: $118.73 cardinal (23.1% of AUM)
- NASDAQ: NAVN: $100.33 cardinal (19.5% of AUM)
- NASDAQ: AVGO: $21.08 cardinal (4.1% of AUM)
- NASDAQ: BLLN: $19.10 cardinal (3.7% of AUM)
- NASDAQ: LRCX: $18.07 cardinal (3.5% of AUM)
As of February 13, 2026, Navan shares were priced astatine $10.44, down astir 60% from their October IPO terms of $25.

Metric

Value

Employees	3,400
Revenue (TTM)	$656.3 million
Net income (TTM)	($371.9 million)

Navan provides an AI-powered bundle level for travel, payments, and disbursal management.
It offers a bundle level for travel, payments, and disbursal management.
Navan serves finance, quality resources, and question managers.

Navan leverages artificial quality to present an integrated solution for firm question and disbursal management, positioning itself arsenic a exertion person successful the concern bundle sector. With a scalable level and a absorption connected automation, the institution aims to trim friction and costs for endeavor clients managing analyzable question and disbursal needs. Navan's strategy centers connected innovation and workflow efficiency, supporting its competitory borderline successful the rapidly evolving question exertion landscape.

Allocating astir $100 million, oregon 19.5% of reportable assets, to a recently nationalist institution whose banal is inactive astir 60% beneath its $25 IPO terms signals condemnation that the marketplace is mispricing the story. Navan reported 29% twelvemonth implicit twelvemonth gross maturation to $195 cardinal successful the October quarter, with gross booking measurement up 40% to $2.6 cardinal and non-GAAP operating borderline expanding to 13%. Full twelvemonth guidance calls for astir $685 cardinal successful gross and affirmative non-GAAP operating income.

That operation matters. Usage gross roseate 29%, subscription gross climbed 26%, and the institution ended the 4th with $809 cardinal successful currency pursuing its IPO. GAAP losses stay steep, but stock-based compensation and debt-related charges drove overmuch of the gap.

Within this portfolio, lone Robinhood carries much weight. That tells you this capitalist is leaning hard into fintech-enabled platforms with transaction measurement upside.

For semipermanent investors, the question is simple. Do you judge Navan tin person 40% booking maturation into durable borderline expansion? If yes, a beaten-down IPO with improving operating leverage tin beryllium powerful. If not, attraction hazard cuts some ways.

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