Expensify (NASDAQ:EXFY) Lowered to "Hold" Rating by 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 cut shares of Expensify (NASDAQ:EXFY - Free Report) from a buy rating to a hold rating in a research report sent to investors on Monday.

EXFY has been the subject of several other reports. Lake Street Capital decreased their price target on shares of Expensify from $5.00 to $4.50 and set a "buy" rating for the company in a research note on Friday, May 9th. BMO Capital Markets reduced their price objective 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. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $4.00.

Expensify Price Performance

NASDAQ EXFY traded up $0.11 during mid-day trading on Monday, reaching $1.91. 733,927 shares of the stock were exchanged, compared to its average volume of 547,741. Expensify has a one year low of $1.60 and a one year high of $4.13. The stock has a 50 day simple moving average of $2.25 and a 200-day simple moving average of $2.78. The stock has a market cap of $153.45 million, a P/E ratio of -11.91 and a beta of 1.72.

Insider Activity

In other news, CEO David Michael Barrett sold 30,000 shares of Expensify stock in a transaction dated 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 directly owned 1,498,480 shares in the company, valued at $2,907,051.20. This trade represents a 1.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 113,609 shares of company stock worth $256,206 in the last ninety days. 17.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new position in Expensify during the second quarter worth about $30,000. ProShare Advisors LLC purchased a new position in Expensify in the second quarter valued at about $32,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Expensify during the 2nd quarter valued at approximately $32,000. Mariner LLC bought a new stake in Expensify during the 4th quarter worth approximately $34,000. Finally, Tower Research Capital LLC TRC increased its holdings in 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 acquiring an additional 9,997 shares during the period. 68.42% of the stock is currently owned by hedge funds and other institutional investors.

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.