Citizens Jmp Upgrades Expensify (NASDAQ:EXFY) to "Outperform"

Key Points

• Citizens JMP upgraded Expensify to “Outperform” from “Market Perform” and set a $3.00 price target, implying 51.52% upside from the prior close. Citigroup also upgraded the stock, although the overall analyst consensus remains “Hold” with a $2.75 target.
• Expensify shares opened at $1.98, while the company’s latest quarterly results missed expectations: adjusted EPS was a $0.02 loss versus a projected $0.02 profit, and revenue was $33.97 million versus a $34.25 million estimate.
• Institutional investors own 68.42% of Expensify, with several funds increasing their positions, while CEO David Barrett sold 30,000 shares under a pre-arranged trading plan. Insiders retain an 11.65% ownership stake.

Expensify (NASDAQ:EXFY - Get Free Report) was upgraded by equities research analysts at Citizens Jmp from a "market perform" rating to an "outperform" rating in a report issued on Friday. The brokerage currently has a $3.00 price target on the stock. Citizens Jmp's price objective indicates a potential upside of 51.52% from the company's previous close.

Several other equities analysts have also issued reports on the company. Weiss Ratings upgraded Expensify from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 1st. Citigroup upgraded shares of Expensify from a "market outperform" rating to an "outperform" rating in a research report on Friday. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $2.75.

Expensify Stock Down 2.0%

Shares of NASDAQ:EXFY opened at $1.98 on Friday. The firm has a market cap of $166.87 million, a PE ratio of -8.61 and a beta of 1.67. Expensify has a 12-month low of $0.69 and a 12-month high of $2.06. The company's 50 day moving average price is $1.61 and its two-hundred day moving average price is $1.26.

Expensify (NASDAQ:EXFY - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.04). The company had revenue of $33.97 million for the quarter, compared to the consensus estimate of $34.25 million. Expensify had a negative return on equity of 15.26% and a negative net margin of 14.68%.

Insider Buying and Selling

In other news, CEO David Michael Barrett sold 30,000 shares of Expensify stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $1.15, for a total transaction 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 SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 11.65% of the company's stock.

Institutional Investors Weigh In On Expensify

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in 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 buying an additional 759,982 shares during the period. Millennium Management LLC boosted its position in shares of Expensify by 103.2% during the 1st quarter. Millennium Management LLC now owns 1,406,476 shares of the company's stock worth $4,276,000 after purchasing an additional 714,244 shares in the last quarter. Pale Fire Capital SE bought a new position in shares of Expensify during the 1st quarter worth about $418,000. Vanguard Group Inc. grew its stake in shares of Expensify by 4.5% in the 3rd quarter. Vanguard Group Inc. now owns 4,543,639 shares of the company's stock valued at $8,406,000 after buying an additional 197,702 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Expensify in the 4th quarter valued at about $240,000. 68.42% of the stock is currently owned by institutional investors and hedge funds.

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.

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