Expensify (NASDAQ:EXFY) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Expensify (NASDAQ:EXFY) from a buy rating to a strong-buy rating in a report published on Thursday.

Separately, Lake Street Capital decreased their price objective on shares of Expensify from $5.00 to $4.50 and set a “buy” rating for the company in a report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

Expensify Price Performance

EXFY opened at $2.33 on Thursday. The company has a market cap of $187.28 million, a price-to-earnings ratio of -12.94 and a beta of 1.86. The firm has a 50 day simple moving average of $2.82 and a 200 day simple moving average of $3.20. Expensify has a fifty-two week low of $1.24 and a fifty-two week high of $4.13.

Expensify declared that its Board of Directors has initiated a share buyback plan on Thursday, February 27th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 20.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Expensify

In other news, Director Daniel Vidal sold 9,000 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $3.15, for a total value of $28,350.00. Following the completion of the transaction, the director now owns 232,428 shares in the company, valued at $732,148.20. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Michael Barrett sold 37,001 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $3.27, for a total transaction of $120,993.27. Following the completion of the transaction, the chief executive officer now owns 1,808,231 shares of the company’s stock, valued at $5,912,915.37. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 233,497 shares of company stock worth $680,378. 17.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Exchange Traded Concepts LLC acquired a new position in Expensify during the fourth quarter worth $691,000. JPMorgan Chase & Co. boosted its holdings in Expensify by 35.0% during the fourth quarter. JPMorgan Chase & Co. now owns 215,933 shares of the company’s stock worth $723,000 after purchasing an additional 55,931 shares during the last quarter. Quantbot Technologies LP acquired a new position in Expensify during the fourth quarter worth $68,000. American Century Companies Inc. boosted its holdings in Expensify by 67.7% during the fourth quarter. American Century Companies Inc. now owns 68,228 shares of the company’s stock worth $229,000 after purchasing an additional 27,541 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Expensify by 5.8% during the fourth quarter. Geode Capital Management LLC now owns 544,680 shares of the company’s stock worth $1,825,000 after purchasing an additional 29,732 shares during the last quarter. Institutional investors and hedge funds own 68.42% of the company’s stock.

About Expensify

Expensify, Inc provides a cloud-based expense management software platform to individuals and corporations, small and midsized businesses, and enterprises in the United States and internationally. The company’s platform enables users to manage corporate cards, pay bills, generate invoices, collect payments, and book travel.