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

Expensify (NASDAQ:EXFY) had its price objective trimmed by Citigroup from $5.00 to $4.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

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

Expensify Price Performance

Shares of EXFY stock opened at $1.63 on Tuesday. The company has a market capitalization of $115.05 million, a P/E ratio of -3.20 and a beta of 1.49. The company’s 50-day simple moving average is $1.80 and its two-hundred day simple moving average is $2.12. Expensify has a one year low of $1.40 and a one year high of $8.25.

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

Insider Activity at Expensify

In other news, major shareholder Steven J. Mclaughlin bought 135,158 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was bought at an average price of $1.50 per share, with a total value of $202,737.00. Following the completion of the transaction, the insider now directly owns 8,989,644 shares of the company’s stock, valued at approximately $13,484,466. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Steven J. Mclaughlin bought 135,158 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was bought at an average price of $1.50 per share, with a total value of $202,737.00. Following the completion of the transaction, the insider now directly owns 8,989,644 shares of the company’s stock, valued at approximately $13,484,466. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Anuradha Muralidharan sold 20,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $2.15, for a total transaction of $43,000.00. Following the sale, the chief operating officer now directly owns 57,080 shares of the company’s stock, valued at approximately $122,722. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 608,267 shares of company stock valued at $922,648 and sold 637,017 shares valued at $1,147,475. 20.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FNY Investment Advisers LLC raised its holdings in shares of Expensify by 212.5% in the fourth quarter. FNY Investment Advisers LLC now owns 12,500 shares of the company’s stock worth $30,000 after buying an additional 8,500 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of Expensify in the third quarter worth $35,000. Corton Capital Inc. purchased a new position in shares of Expensify in the third quarter worth $37,000. SG Americas Securities LLC purchased a new position in shares of Expensify during the third quarter worth $51,000. Finally, Hsbc Holdings PLC raised its holdings in shares of Expensify by 63.5% during the third quarter. Hsbc Holdings PLC now owns 55,876 shares of the company’s stock worth $184,000 after purchasing an additional 21,700 shares during the last quarter. Hedge funds and other 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.