Expensify (NASDAQ:EXFY) Rating Increased to Outperform at Citizens Jmp

Citizens Jmp upgraded shares of Expensify (NASDAQ:EXFY) from a market perform rating to an outperform rating in a report published on Friday, MarketBeat.com reports. Citizens Jmp currently has $3.00 price target on the stock.

Other equities research analysts have also issued research reports about the company. Citigroup upgraded Expensify from a “market outperform” rating to an “outperform” rating in a research report on Friday. Weiss Ratings raised shares of Expensify from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $3.00.

Expensify Stock Up 35.9%

Shares of EXFY stock opened at $2.69 on Friday. The stock has a market cap of $226.71 million, a PE ratio of -15.82 and a beta of 1.67. The business has a 50-day simple moving average of $1.64 and a 200-day simple moving average of $1.27. Expensify has a 52-week low of $0.69 and a 52-week high of $2.80.

Expensify (NASDAQ:EXFY) last posted its earnings results on Thursday, May 7th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Expensify had a negative return on equity of 11.52% and a negative net margin of 11.31%.The company had revenue of $33.97 million for the quarter, compared to analyst estimates of $34.25 million.

Insider Buying and Selling

In other Expensify news, CEO David Michael Barrett sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.15, for a total value of $34,500.00. Following the sale, the chief executive officer directly owned 1,228,480 shares of the company’s stock, valued at approximately $1,412,752. This trade represents a 2.38% 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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 11.65% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its holdings in Expensify by 103.2% in the 1st quarter. Millennium Management LLC now owns 1,406,476 shares of the company’s stock worth $4,276,000 after acquiring an additional 714,244 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Expensify during the first quarter valued at $142,000. Geode Capital Management LLC grew its position in shares of Expensify by 134.2% in the second quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company’s stock valued at $3,435,000 after purchasing an additional 759,982 shares during the period. American Century Companies Inc. grew its position in shares of Expensify by 22.0% in the second quarter. American Century Companies Inc. now owns 121,441 shares of the company’s stock valued at $315,000 after purchasing an additional 21,912 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Expensify during the second quarter worth about $157,000. Hedge funds and other institutional investors own 68.42% of the company’s stock.

About Expensify

Expensify, traded on NASDAQ under the ticker EXFY, is a software-as-a-service (SaaS) company specializing in automated expense management and reporting. Its flagship platform enables employees to capture receipts via mobile app or email, automatically extract expense details through optical character recognition (OCR) and artificial intelligence, and submit streamlined expense reports. The solution is designed to eliminate manual data entry and reduce approval cycle times, serving a broad range of industries from small businesses to large enterprises.

Founded in 2008 by entrepreneur David Barrett, Expensify has grown from a simple receipt-scanning app into a comprehensive spend management suite.