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Expensify (NASDAQ:EXFY) to Buyback $50.00 million in Stock

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Expensify (NASDAQ:EXFY - Get Free Report) declared that its board has initiated a share buyback plan on Thursday, February 27th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization allows the company to purchase up to 20.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Expensify Trading Down 7.7 %

Shares of NASDAQ:EXFY traded down $0.30 during trading on Monday, hitting $3.58. 1,011,203 shares of the company's stock traded hands, compared to its average volume of 414,000. The company has a 50-day moving average price of $3.52 and a 200-day moving average price of $2.86. Expensify has a 52 week low of $1.24 and a 52 week high of $4.13. The company has a market cap of $276.22 million, a price-to-earnings ratio of -19.89 and a beta of 1.87.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JMP Securities downgraded shares of Expensify from an "outperform" rating to a "market perform" rating in a research note on Monday, November 25th. Lake Street Capital increased their target price on Expensify from $3.00 to $5.00 and gave the company a "buy" rating in a research note on Friday. Finally, Citigroup increased their target price on shares of Expensify from $4.00 to $5.00 and gave the stock a "buy" rating in a report on Monday, December 16th.

Check Out Our Latest Stock Report on EXFY

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Insider Buying and Selling at Expensify

In other news, Director Timothy L. Christen sold 18,273 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.59, for a total transaction of $65,600.07. Following the completion of the transaction, the director now directly owns 194,983 shares in the company, valued at $699,988.97. This represents a 8.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Anuradha Muralidharan sold 29,410 shares of the firm's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $3.40, for a total value of $99,994.00. Following the completion of the transaction, the chief operating officer now owns 3,941 shares of the company's stock, valued at approximately $13,399.40. This represents a 88.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 279,090 shares of company stock valued at $981,364. 17.33% of the stock is currently owned by corporate insiders.

Expensify Company Profile

(Get Free Report)

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.

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