Expensify (NASDAQ:EXFY) Cut to Buy at Wall Street Zen

Key Points

• Expensify was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen as reported in a recent research report.
• Lake Street Capital has also decreased its target price for Expensify from $5.00 to $4.50 while maintaining a "buy" rating.
• Insider activity shows that CEO David Michael Barrett sold 30,000 shares at an average price of $2.56, representing a 1.92% decrease in his ownership in the company.

Expensify (NASDAQ:EXFY - Get Free Report) was downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

Separately, Lake Street Capital cut their target price on Expensify from $5.00 to $4.50 and set a "buy" rating on the stock in a report on Friday, May 9th.

Expensify Stock Down 2.5%

Shares of EXFY opened at $1.98 on Friday. Expensify has a 12-month low of $1.45 and a 12-month high of $4.13. The business's fifty day moving average is $2.30 and its 200 day moving average is $2.85. The stock has a market cap of $159.15 million, a P/E ratio of -22.00 and a beta of 1.72.

Insider Buying and Selling

In related news, CEO David Michael Barrett sold 30,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $2.56, for a total value of $76,800.00. Following the completion of the sale, the chief executive officer directly owned 1,528,480 shares of the company's stock, valued at approximately $3,912,908.80. This represents a 1.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 74,609 shares of company stock valued at $180,456. Corporate insiders own 12.27% of the company's stock.

Institutional Investors Weigh In On Expensify

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kapitalo Investimentos Ltda bought a new stake in shares of Expensify during the 2nd quarter worth $30,000. Mariner LLC bought a new stake in shares of Expensify during the 4th quarter worth $34,000. Tower Research Capital LLC TRC raised its stake in shares of Expensify by 1,194.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,834 shares of the company's stock worth $36,000 after purchasing an additional 9,997 shares during the period. Alpine Global Management LLC bought a new stake in shares of Expensify during the 4th quarter worth $40,000. Finally, Virtu Financial LLC bought a new stake in shares of Expensify during the 1st quarter worth $41,000. 68.42% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.