Expensify (NASDAQ:EXFY) Rating Lowered to "Hold" at Wall Street Zen

Key Points

• Expensify has been downgraded from a "buy" rating to a "hold" by Wall Street Zen, indicating a change in analyst sentiment towards the company's stock.
• Multiple analysts have reduced their price targets for Expensify, with current consensus suggesting a target of around $4.00.
• Expensify's stock has seen a significant drop of 12.1% recently, trading at $1.71 amid ongoing market evaluations.

Wall Street Zen downgraded shares of Expensify (NASDAQ:EXFY - Free Report) from a buy rating to a hold rating in a research report report published on Monday morning.

Several other research analysts have also recently issued reports on the stock. BMO Capital Markets cut their price target on shares of Expensify from $3.00 to $2.50 and set a "market perform" rating for the company in a report on Friday, August 8th. Lake Street Capital cut their target price on shares of Expensify from $5.00 to $4.50 and set a "buy" rating on the stock in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $4.00.

Expensify Stock Down 3.9%

NASDAQ EXFY traded down $0.08 on Monday, reaching $1.83. The stock had a trading volume of 257,275 shares, compared to its average volume of 547,525. The stock has a fifty day moving average price of $2.25 and a two-hundred day moving average price of $2.78. The firm has a market capitalization of $147.00 million, a price-to-earnings ratio of -11.41 and a beta of 1.72. Expensify has a 12-month low of $1.60 and a 12-month high of $4.13.

Insider Transactions at Expensify

In related news, CEO David Michael Barrett sold 30,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $1.94, for a total value of $58,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,498,480 shares of the company's stock, valued at approximately $2,907,051.20. This trade represents a 1.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 83,609 shares of company stock worth $185,706. 12.27% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Topline Capital Management LLC bought a new stake in Expensify in the fourth quarter valued at approximately $3,085,000. Geode Capital Management LLC grew its stake in shares of Expensify by 134.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company's stock worth $3,435,000 after acquiring an additional 759,982 shares during the period. Millennium Management LLC raised its holdings 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 valued at $4,276,000 after buying an additional 714,244 shares in the last quarter. Acadian Asset Management LLC increased its stake in Expensify by 46.1% in the 2nd quarter. Acadian Asset Management LLC now owns 2,071,772 shares of the company's stock worth $5,359,000 after purchasing an additional 653,260 shares during the period. Finally, Marshall Wace LLP increased its stake in shares of Expensify by 72.0% during the fourth quarter. Marshall Wace LLP now owns 1,439,877 shares of the company's stock valued at $4,824,000 after buying an additional 602,565 shares during the period. Institutional investors and hedge funds own 68.42% of the company's stock.

About Expensify

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.