Citigroup Lowers Expensify (NASDAQ:EXFY) Price Target to $4.00

Expensify (NASDAQ:EXFY) had its price objective dropped by equities researchers at Citigroup from $5.00 to $4.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 152.37% from the company’s current price.

Separately, Piper Sandler decreased their price target on Expensify from $3.00 to $2.00 and set a “neutral” rating for the company in a report on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.93.

Expensify Price Performance

Expensify stock traded down $0.12 during trading hours on Tuesday, hitting $1.59. 166,738 shares of the stock traded hands, compared to its average volume of 634,572. Expensify has a 1 year low of $1.40 and a 1 year high of $8.47. The stock has a market capitalization of $111.87 million, a price-to-earnings ratio of -3.11 and a beta of 1.49. The firm’s 50 day moving average price is $1.80 and its 200-day moving average price is $2.14.

Expensify (NASDAQ:EXFY) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.06). The business had revenue of $35.20 million for the quarter, compared to analyst estimates of $36.85 million. Expensify had a negative net margin of 27.70% and a negative return on equity of 41.91%. The business’s revenue was down 19.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. Research analysts forecast that Expensify will post -0.19 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Steven J. Mclaughlin bought 41,456 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were acquired at an average price of $1.77 per share, for a total transaction of $73,377.12. Following the completion of the transaction, the insider now directly owns 8,346,754 shares in the company, valued at $14,773,754.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, major shareholder Steven J. Mclaughlin bought 41,456 shares of Expensify stock in a transaction on Tuesday, January 30th. The stock was acquired at an average price of $1.77 per share, with a total value of $73,377.12. Following the completion of the acquisition, the insider now directly owns 8,346,754 shares of the company’s stock, valued at $14,773,754.58. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Steven J. Mclaughlin purchased 182,941 shares of the stock in a transaction dated Thursday, February 22nd. The stock was purchased at an average cost of $1.59 per share, for a total transaction of $290,876.19. Following the completion of the purchase, the insider now directly owns 8,529,695 shares of the company’s stock, valued at $13,562,215.05. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 804,343 shares of company stock worth $1,267,742 and sold 621,107 shares worth $1,122,655. 20.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Expensify

A number of large investors have recently modified their holdings of the business. FNY Investment Advisers LLC lifted its stake 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 in the last quarter. Quadrature Capital Ltd purchased a new position in Expensify in the 3rd quarter worth approximately $35,000. Corton Capital Inc. acquired a new position in shares of Expensify during the 3rd quarter worth approximately $37,000. SG Americas Securities LLC purchased a new stake in shares of Expensify in the third quarter valued at approximately $51,000. Finally, Azora Capital LP acquired a new stake in shares of Expensify in the fourth quarter valued at approximately $61,000. Hedge funds and other institutional investors own 68.42% of the company’s stock.

Expensify Company Profile

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.