Expensify's (EXFY) Sell (E+) Rating Reaffirmed at Weiss Ratings

Key Points

• Expensify (NASDAQ: EXFY) has had its "sell (e+)" rating reaffirmed by Weiss Ratings, indicating a continued bearish outlook on the company's stock.
• BMO Capital Markets has lowered its price target for Expensify from $3.00 to $2.50, while Wall Street Zen upgraded the rating from "hold" to "buy," reflecting mixed sentiments from analysts.
• Recent insider sales have occurred, with COO Anuradha Muralidharan and CEO David Michael Barrett reducing their stakes in the company, raising concerns about insider confidence.

Expensify (NASDAQ:EXFY - Get Free Report)'s stock had its "sell (e+)" rating reissued by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Several other research analysts have also commented on the company. BMO Capital Markets lowered their price target on Expensify from $3.00 to $2.50 and set a "market perform" rating for the company in a research report on Friday, August 8th. Wall Street Zen upgraded Expensify from a "hold" rating to a "buy" rating in a research report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Expensify currently has an average rating of "Hold" and a consensus target price of $4.00.

Expensify Stock Up 1.8%

EXFY opened at $1.73 on Wednesday. Expensify has a 52 week low of $1.60 and a 52 week high of $4.13. The business has a fifty day simple moving average of $1.88 and a 200-day simple moving average of $2.31. The firm has a market cap of $139.35 million, a P/E ratio of -10.81 and a beta of 1.71.

Insiders Place Their Bets

In other Expensify news, COO Anuradha Muralidharan sold 25,245 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $1.94, for a total value of $48,975.30. Following the sale, the chief operating officer directly owned 61,041 shares in the company, valued at $118,419.54. This trade represents a 29.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Michael Barrett sold 30,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $1.92, for a total value of $57,600.00. Following the completion of the sale, the chief executive officer owned 1,468,480 shares in the company, valued at approximately $2,819,481.60. This represents a 2.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 147,167 shares of company stock valued at $283,481. 12.27% of the stock is currently owned by company insiders.

Institutional Trading of Expensify

A number of hedge funds and other institutional investors have recently bought and sold shares of EXFY. Geode Capital Management LLC raised its stake in Expensify by 134.2% in the second quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company's stock valued at $3,435,000 after buying an additional 759,982 shares in the last quarter. Millennium Management LLC raised its stake in Expensify by 103.2% in the first 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 position in shares of Expensify by 46.1% during the second 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 in the last quarter. Globeflex Capital L P acquired a new stake in shares of Expensify during the second quarter worth about $845,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Expensify by 53.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 926,669 shares of the company's stock worth $2,817,000 after purchasing an additional 322,581 shares in the last quarter. 68.42% of the stock is currently owned by institutional investors and hedge funds.

Expensify Company Profile

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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