New York, Jan 14, 2026, 3:36 p.m. EST — Regular session.
- Navan shares dropped roughly 11% in late afternoon trading, lagging behind other travel stocks.
- In the last 24 hours, plaintiff law firms have sent out new “investigation” notices linked to the post-IPO slide.
- Investors are awaiting the company’s next update following the end of its fiscal year on Jan. 31.
Navan shares dropped almost 11% to $15.38 in late afternoon trading Wednesday, deepening a volatile stretch for the corporate travel-and-expense software company since its Nasdaq debut. Airbnb, Expedia and Booking Holdings also slipped, though their declines were more modest.
This move is significant since Navan remains stuck in the market’s “new IPO” penalty box. Its initial public offering was priced at $25 back in late October, but the stock has frequently slipped below that mark as investors gauge how much growth they’re ready to back in a company linked to corporate travel spending. 1
Navan provides software that enables companies to book trips and handle employee expenses all in one platform, competing in a space long ruled by giants like American Express and SAP Concur. It’s a crowded field, and public investors often react negatively to any sign of weakening travel demand or rising expenses. 1
Two plaintiff-side law firms issued new notices yesterday, announcing investigations into possible claims against Navan on behalf of investors. Their statements referenced the post-IPO drop as well as disclosures tied to Navan’s Q3 results and a change in finance leadership last December. 2
These notices aren’t lawsuits, but they tend to stir the pot for stocks lacking major news between earnings. Traders usually see them as a signal that the stock could face litigation-related headlines.
Navan has expanded its airline offerings by integrating directly with Emirates via NDC. The New Distribution Capability, or NDC, lets airlines sell enhanced fare bundles and extras straight through partners, bypassing traditional booking channels. “Adding a premier global carrier like Emirates to our direct NDC portfolio is a landmark moment for our customers,” said Dane Molter, senior vice president at Navan, in a statement.
Analysts remain mostly upbeat. Citizens held firm on a Market Outperform rating this week, maintaining a $25 price target, according to a note summary released Tuesday.
Wednesday’s session left little room for patience. Navan kicked off at $17.14 but tumbled to a low of $15.20, trading roughly 1.8 million shares by mid-afternoon.
The risk is clear: corporate travel budgets shrinking could drag transaction volumes down and put pricing power under pressure. Toss in some lawsuit rumors, and the stock might swing sharply on headlines, even without fresh financial reports.
