Citigroup Issues Positive Forecast for Expensify (NASDAQ:EXFY) Stock Price

Expensify (NASDAQ:EXFY - Get Free Report) had its price objective increased by equities researchers at Citigroup from $4.00 to $5.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price would suggest a potential upside of 31.58% from the stock's current price.

Separately, JMP Securities downgraded Expensify from an "outperform" rating to a "market perform" rating in a research report on Monday, November 25th.

Expensify Stock Down 1.8 %

Shares of NASDAQ EXFY traded down $0.07 during mid-day trading on Monday, reaching $3.80. 748,323 shares of the company were exchanged, compared to its average volume of 730,581. The stock has a market capitalization of $293.19 million, a P/E ratio of -21.11 and a beta of 1.90. The company's 50-day simple moving average is $2.61 and its 200-day simple moving average is $2.16. Expensify has a twelve month low of $1.24 and a twelve month high of $4.13.

Insider Buying and Selling

In related news, CEO David Michael Barrett sold 15,454 shares of the firm's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $2.91, for a total value of $44,971.14. Following the transaction, the chief executive officer now owns 2,378,319 shares in the company, valued at approximately $6,920,908.29. This trade represents a 0.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Anuradha Muralidharan sold 29,410 shares of the company's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $3.40, for a total transaction of $99,994.00. Following the sale, the chief operating officer now directly owns 3,941 shares of the company's stock, valued at $13,399.40. This represents a 88.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,621 shares of company stock valued at $475,937. 17.33% of the stock is owned by company insiders.

Institutional Trading of Expensify

Institutional investors and hedge funds have recently made changes to their positions in the company. Marshall Wace LLP bought a new stake in shares of Expensify during the 2nd quarter worth $53,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Expensify in the second quarter valued at about $86,000. Dynamic Technology Lab Private Ltd raised its stake in Expensify by 100.6% during the third quarter. Dynamic Technology Lab Private Ltd now owns 44,880 shares of the company's stock worth $88,000 after acquiring an additional 22,504 shares in the last quarter. Wealthspire Advisors LLC boosted its stake in shares of Expensify by 40.7% in the 2nd quarter. Wealthspire Advisors LLC now owns 66,212 shares of the company's stock valued at $99,000 after purchasing an additional 19,157 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Expensify by 76.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 66,095 shares of the company's stock valued at $130,000 after purchasing an additional 28,731 shares during the last quarter. 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.