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

Key Points

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Expensify (NASDAQ:EXFY - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Tuesday.

Other equities research analysts have also issued research reports about the stock. 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. BMO Capital Markets dropped their target price on shares of Expensify from $3.00 to $2.50 and set a "market perform" rating on the stock in a report on Friday, August 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $4.00.

Expensify Price Performance

Expensify stock opened at $1.81 on Tuesday. The company has a market cap of $145.80 million, a price-to-earnings ratio of -11.31 and a beta of 1.72. The stock's 50-day moving average is $2.21 and its 200-day moving average is $2.73. Expensify has a 12 month low of $1.60 and a 12 month high of $4.13.

Insider Activity

In other Expensify news, CEO David Michael Barrett sold 30,000 shares of the 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 sale, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 83,609 shares of company stock valued at $185,706 over the last 90 days. Company insiders own 17.33% of the company's stock.

Hedge Funds Weigh In On Expensify

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in shares of Expensify by 72.2% during the second quarter. Bank of America Corp DE now owns 112,078 shares of the company's stock valued at $290,000 after acquiring an additional 46,999 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Expensify during the 2nd quarter valued at about $85,000. Globeflex Capital L P bought a new position in Expensify in the second quarter valued at approximately $845,000. Formula Growth Ltd. boosted its position in shares of Expensify by 15.0% in the 2nd quarter. Formula Growth Ltd. now owns 1,150,000 shares of the company's stock worth $2,978,000 after purchasing an additional 150,000 shares during the last quarter. Finally, Invesco Ltd. bought a new position in Expensify during the second quarter worth about $98,000. 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.

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