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

Key Points

• Wall Street Zen upgraded Expensify from “hold” to “buy.” However, the broader analyst consensus remains “Hold,” with two Buy ratings, one Sell rating and an average price target of $3.00.
• Expensify shares opened at $2.30, with a market capitalization of approximately $181.6 million. The stock has traded between $0.69 and $2.81 over the past year and remains unprofitable based on its negative P/E ratio.
• Institutional investors own 68.42% of Expensify, while CEO David Barrett recently sold 30,000 shares under a pre-arranged Rule 10b5-1 plan; insiders retain an 11.65% ownership stake.

Expensify (NASDAQ:EXFY - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

A number of other equities research analysts also recently issued reports on the stock. Weiss Ratings raised shares of Expensify from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 1st. Citizens Jmp raised shares of Expensify from a "market perform" rating to an "outperform" rating and set a $3.00 price objective for the company in a research note on Friday, August 7th. Finally, Citigroup upgraded shares of Expensify from a "market outperform" rating to an "outperform" rating in a report on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $3.00.

Expensify Stock Performance

NASDAQ EXFY opened at $2.30 on Friday. The company has a market capitalization of $181.56 million, a P/E ratio of -13.53 and a beta of 1.67. Expensify has a one year low of $0.69 and a one year high of $2.81. The stock has a 50 day moving average price of $1.75 and a 200-day moving average price of $1.30.

Insider Activity at Expensify

In other news, CEO David Michael Barrett sold 30,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.15, for a total value of $34,500.00. Following the sale, the chief executive officer directly owned 1,228,480 shares in the company, valued at approximately $1,412,752. This represents a 2.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 11.65% of the company's stock.

Hedge Funds Weigh In On Expensify

Hedge funds have recently bought and sold shares of the business. Barclays PLC increased its stake in Expensify by 7.2% in the fourth quarter. Barclays PLC now owns 134,689 shares of the company's stock worth $203,000 after purchasing an additional 9,080 shares during the period. XTX Topco Ltd boosted its stake in shares of Expensify by 5.6% during the fourth quarter. XTX Topco Ltd now owns 191,397 shares of the company's stock valued at $289,000 after purchasing an additional 10,150 shares during the period. Prelude Capital Management LLC boosted its stake in shares of Expensify by 68.5% during the third quarter. Prelude Capital Management LLC now owns 36,400 shares of the company's stock valued at $67,000 after purchasing an additional 14,800 shares during the period. Abel Hall LLC bought a new position in shares of Expensify in the fourth quarter worth about $25,000. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Expensify by 126.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 31,615 shares of the company's stock worth $48,000 after purchasing an additional 17,634 shares during the last quarter. Institutional investors own 68.42% of the company's stock.

Expensify Company Profile

Expensify, traded on NASDAQ under the ticker EXFY, is a software-as-a-service (SaaS) company specializing in automated expense management and reporting. Its flagship platform enables employees to capture receipts via mobile app or email, automatically extract expense details through optical character recognition (OCR) and artificial intelligence, and submit streamlined expense reports. The solution is designed to eliminate manual data entry and reduce approval cycle times, serving a broad range of industries from small businesses to large enterprises.

Founded in 2008 by entrepreneur David Barrett, Expensify has grown from a simple receipt-scanning app into a comprehensive spend management suite.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source