BMO Capital Markets Issues Pessimistic Forecast for Expensify (NASDAQ:EXFY) Stock Price

Key Points

• BMO Capital Markets has lowered Expensify's stock price target from $3.00 to $2.50, indicating a potential upside of 28.87% from its previous closing price.
• The stock recently experienced a trading drop of 2.0% and is currently priced at $1.94, with a 1-year low of $1.51 and a high of $4.13.
• Expensify's insider activity shows CEO David Michael Barrett sold 30,000 shares at $1.94, reducing his ownership by 1.96%.

Expensify (NASDAQ:EXFY - Free Report) had its price target trimmed by BMO Capital Markets from $3.00 to $2.50 in a research report released on Friday, MarketBeat.com reports. The brokerage currently has a market perform rating on the stock.

Several other analysts have also recently issued reports on EXFY. Lake Street Capital dropped their price objective 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. Wall Street Zen cut shares of Expensify from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 3rd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $4.00.

Expensify Price Performance

NASDAQ EXFY traded down $0.24 during trading hours on Friday, hitting $1.71. 1,954,776 shares of the company's stock traded hands, compared to its average volume of 637,268. Expensify has a 52-week low of $1.60 and a 52-week high of $4.13. The company has a market capitalization of $137.05 million, a PE ratio of -10.66 and a beta of 1.72. The firm's 50-day moving average is $2.27 and its 200-day moving average is $2.80.

Insider Buying and Selling at Expensify

In other news, CEO David Michael Barrett sold 30,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 1,498,480 shares of the company's stock, valued at $2,907,051.20. This represents a 1.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 113,609 shares of company stock valued at $256,206. Corporate insiders own 12.27% of the company's stock.

Hedge Funds Weigh In On Expensify

A number of hedge funds have recently made changes to their positions in the stock. Intech Investment Management LLC purchased a new position in shares of Expensify during the 2nd quarter worth approximately $74,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Expensify during the 2nd quarter worth approximately $32,000. Geode Capital Management LLC boosted its position 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 purchasing an additional 759,982 shares during the period. ProShare Advisors LLC purchased a new position in shares of Expensify during the 2nd quarter worth approximately $32,000. Finally, Acadian Asset Management LLC boosted its position in shares of Expensify by 46.1% during 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. Hedge funds and other institutional investors 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.