Expensify (NASDAQ:EXFY) Stock Price Down 1.9% – Should You Sell?

Expensify, Inc. (NASDAQ:EXFY)’s stock price was down 1.9% during trading on Thursday . The company traded as low as $1.58 and last traded at $1.59. Approximately 506,454 shares changed hands during mid-day trading, an increase of 23% from the average daily volume of 412,318 shares. The stock had previously closed at $1.62.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on EXFY shares. Wall Street Zen upgraded Expensify from a “hold” rating to a “buy” rating in a report on Tuesday, August 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Expensify in a research report on Wednesday, October 8th. Finally, BMO Capital Markets lowered their price target on Expensify from $3.00 to $2.50 and set a “market perform” rating on the stock in a report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $4.00.

Expensify Stock Down 1.9%

The company has a market cap of $128.07 million, a P/E ratio of -9.94 and a beta of 1.71. The stock’s 50-day moving average price is $1.82 and its 200 day moving average price is $2.17.

Insider Buying and Selling

In other news, CEO David Michael Barrett sold 30,000 shares of Expensify stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $1.92, for a total value of $57,600.00. Following the transaction, the chief executive officer owned 1,468,480 shares of the company’s stock, valued at $2,819,481.60. This trade represents a 2.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Anuradha Muralidharan sold 25,245 shares of Expensify stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $1.94, for a total transaction of $48,975.30. Following the completion of the transaction, the chief operating officer directly owned 61,041 shares in the company, valued at approximately $118,419.54. This represents a 29.26% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 108,167 shares of company stock worth $207,731. Insiders own 12.27% of the company’s stock.

Hedge Funds Weigh In On Expensify

Institutional investors and hedge funds have recently bought and sold shares of the stock. Acadian Asset Management LLC increased its position in Expensify by 64.8% during the first quarter. Acadian Asset Management LLC now owns 1,418,512 shares of the company’s stock worth $4,308,000 after acquiring an additional 557,533 shares during the period. Vontobel Holding Ltd. bought a new position in Expensify during the first quarter worth $159,000. Palogic Value Management L.P. increased its position in Expensify by 31.5% during the first quarter. Palogic Value Management L.P. now owns 724,485 shares of the company’s stock worth $2,202,000 after acquiring an additional 173,679 shares during the period. Kapitalo Investimentos Ltda bought a new position in Expensify during the second quarter worth $30,000. Finally, R Squared Ltd increased its position in Expensify by 38.2% during the first quarter. R Squared Ltd now owns 18,790 shares of the company’s stock worth $57,000 after acquiring an additional 5,190 shares during the period. Institutional investors 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.