Expensify (NASDAQ:EXFY) Stock Rating Lowered by 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 analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Sunday.

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

Expensify Stock Performance

EXFY traded down $0.09 during midday trading on Friday, reaching $1.99. The company had a trading volume of 224,318 shares, compared to its average volume of 527,782. The business has a 50-day moving average price of $2.29 and a two-hundred day moving average price of $2.83. Expensify has a 12-month low of $1.50 and a 12-month high of $4.13. The stock has a market cap of $159.55 million, a PE ratio of -22.06 and a beta of 1.72.

Insiders Place Their Bets

In related news, CEO David Michael Barrett sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $1.94, for a total transaction of $58,200.00. Following the completion of the transaction, the chief executive officer owned 1,498,480 shares of the company's stock, valued at approximately $2,907,051.20. The trade was a 1.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 113,609 shares of company stock worth $256,206. 17.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Expensify

Several large investors have recently added to or reduced their stakes in EXFY. Palogic Value Management L.P. boosted its position in shares of Expensify by 24.0% during the 2nd quarter. Palogic Value Management L.P. now owns 501,420 shares of the company's stock valued at $1,299,000 after acquiring an additional 96,935 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new stake in shares of Expensify during the 2nd quarter valued at $30,000. Acadian Asset Management LLC grew its position in Expensify by 64.8% in the first quarter. Acadian Asset Management LLC now owns 1,418,512 shares of the company's stock worth $4,308,000 after acquiring an additional 557,533 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Expensify during the first quarter valued at about $142,000. Finally, Millennium Management LLC lifted its stake in Expensify by 103.2% during the first 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 during the last quarter. 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.