Expensify (NASDAQ:EXFY) PT Lowered to $4.00 at Citigroup

Expensify (NASDAQ:EXFY) had its price objective cut by Citigroup from $5.00 to $4.00 in a research report report published on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Separately, Piper Sandler cut their price target on shares of Expensify from $3.00 to $2.00 and set a neutral rating on the stock in a report on Friday, February 23rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $5.93.

Expensify Trading Down 0.6 %

NASDAQ EXFY opened at $1.64 on Tuesday. The company’s 50 day simple moving average is $1.80 and its 200 day simple moving average is $2.13. Expensify has a 12 month low of $1.40 and a 12 month high of $8.25.

Expensify (NASDAQ:EXFY) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.06). Expensify had a negative net margin of 27.70% and a negative return on equity of 41.91%. The firm had revenue of $35.20 million for the quarter, compared to analyst estimates of $36.85 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. The firm’s revenue was down 19.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Expensify will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at Expensify

In related news, major shareholder Steven J. Mclaughlin acquired 182,941 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were purchased at an average price of $1.59 per share, for a total transaction of $290,876.19. Following the purchase, the insider now owns 8,529,695 shares in the company, valued at $13,562,215.05. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Steven J. Mclaughlin acquired 182,941 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were purchased at an average price of $1.59 per share, for a total transaction of $290,876.19. Following the purchase, the insider now owns 8,529,695 shares in the company, valued at $13,562,215.05. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David Michael Barrett sold 80,082 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $1.97, for a total transaction of $157,761.54. Following the completion of the transaction, the chief executive officer now owns 1,967,748 shares in the company, valued at approximately $3,876,463.56. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 608,267 shares of company stock worth $922,648 and have sold 637,017 shares worth $1,147,475. Company insiders own 20.32% of the company’s stock.

Institutional Trading of Expensify

Several large investors have recently added to or reduced their stakes in the business. SVB Wealth LLC grew its position in Expensify by 63.9% in the fourth quarter. SVB Wealth LLC now owns 3,359,037 shares of the company’s stock worth $8,297,000 after acquiring an additional 1,309,037 shares in the last quarter. Palogic Value Management L.P. grew its position in Expensify by 33.3% in the fourth quarter. Palogic Value Management L.P. now owns 800,000 shares of the company’s stock worth $1,976,000 after acquiring an additional 200,000 shares in the last quarter. Walleye Capital LLC grew its position in Expensify by 396.1% in the third quarter. Walleye Capital LLC now owns 714,537 shares of the company’s stock worth $2,322,000 after acquiring an additional 570,495 shares in the last quarter. Bank of New York Mellon Corp grew its position in Expensify by 15.2% in the third quarter. Bank of New York Mellon Corp now owns 220,490 shares of the company’s stock worth $717,000 after acquiring an additional 29,131 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in Expensify by 57,044.0% in the fourth quarter. Federated Hermes Inc. now owns 161,146 shares of the company’s stock worth $398,000 after acquiring an additional 160,864 shares in the last quarter. 68.42% of the stock is owned by institutional investors.

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.