Expensify (NASDAQ:EXFY - Free Report) had its price target lifted by Lake Street Capital from $3.00 to $5.00 in a report published on Friday,Benzinga reports. Lake Street Capital currently has a buy rating on the stock.
Other research analysts have also recently issued research reports about the company. Citigroup upped their target price on Expensify from $4.00 to $5.00 and gave the company a "buy" rating in a research note on Monday, December 16th. JMP Securities downgraded Expensify from an "outperform" rating to a "market perform" rating in a research report on Monday, November 25th.
Check Out Our Latest Stock Report on EXFY
Expensify Price Performance
Shares of EXFY traded up $0.15 during midday trading on Friday, hitting $3.73. The stock had a trading volume of 669,391 shares, compared to its average volume of 671,024. The stock's 50 day moving average is $3.52 and its 200 day moving average is $2.87. The firm has a market cap of $287.79 million, a PE ratio of -20.72 and a beta of 1.87. Expensify has a 1 year low of $1.24 and a 1 year high of $4.13.
Expensify declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 27th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 20.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.
Insiders Place Their Bets
In other news, Director Timothy L. Christen sold 18,273 shares of the company's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.59, for a total value of $65,600.07. Following the completion of the sale, the director now owns 194,983 shares of the company's stock, valued at approximately $699,988.97. This represents a 8.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Michael Barrett sold 16,715 shares of Expensify stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $3.27, for a total transaction of $54,658.05. Following the transaction, the chief executive officer now directly owns 2,072,233 shares in the company, valued at approximately $6,776,201.91. The trade was a 0.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 249,680 shares of company stock worth $881,370 in the last ninety days. 17.33% of the stock is owned by company insiders.
Institutional Investors Weigh In On Expensify
Institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. lifted its position in shares of Expensify by 0.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,218,204 shares of the company's stock valued at $7,431,000 after buying an additional 20,224 shares during the last quarter. Marshall Wace LLP lifted its position in Expensify by 72.0% during the fourth quarter. Marshall Wace LLP now owns 1,439,877 shares of the company's stock valued at $4,824,000 after acquiring an additional 602,565 shares during the last quarter. Formula Growth Ltd. boosted its stake in Expensify by 1.6% in the fourth quarter. Formula Growth Ltd. now owns 950,000 shares of the company's stock valued at $3,182,000 after acquiring an additional 15,000 shares in the last quarter. Topline Capital Management LLC purchased a new position in Expensify in the fourth quarter worth $3,085,000. Finally, Two Sigma Investments LP increased its position in shares of Expensify by 4.8% during the fourth quarter. Two Sigma Investments LP now owns 779,341 shares of the company's stock worth $2,611,000 after purchasing an additional 36,049 shares in the last quarter. Institutional investors own 68.42% of the company's stock.
About Expensify
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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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