Wall Street Zen Upgrades Expensify (NASDAQ:EXFY) to Strong-Buy

Key Points

• Wall Street Zen has upgraded Expensify (NASDAQ:EXFY) from a "buy" rating to a "strong-buy" rating, indicating a more favorable outlook for the company.
• Lake Street Capital has lowered its target price for Expensify from $5.00 to $4.50 while maintaining a "buy" rating.
• Insider trading activity showed CEO David Michael Barrett sold 30,000 shares, representing a 1.92% decrease in his ownership of the stock.

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

Separately, Lake Street Capital decreased their target price on Expensify from $5.00 to $4.50 and set a "buy" rating for the company in a research report on Friday, May 9th.

Expensify Price Performance

NASDAQ EXFY opened at $2.22 on Friday. Expensify has a 1-year low of $1.45 and a 1-year high of $4.13. The business's 50-day simple moving average is $2.33 and its 200-day simple moving average is $2.90. The firm has a market capitalization of $178.44 million, a P/E ratio of -24.67 and a beta of 1.75.

Insider Buying and Selling at Expensify

In other news, CEO David Michael Barrett sold 30,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $2.56, for a total value of $76,800.00. Following the completion of the sale, the chief executive officer owned 1,528,480 shares of the company's stock, valued at $3,912,908.80. This represents a 1.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 74,609 shares of company stock valued at $180,456 over the last ninety days. 12.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Expensify

Several institutional investors and hedge funds have recently modified their holdings of the stock. Topline Capital Management LLC acquired a new position in shares of Expensify in the fourth quarter worth about $3,085,000. Millennium Management LLC raised its position in shares of Expensify by 103.2% during the 1st quarter. Millennium Management LLC now owns 1,406,476 shares of the company's stock worth $4,276,000 after purchasing an additional 714,244 shares during the period. Marshall Wace LLP raised its position in shares of Expensify by 72.0% during the 4th quarter. Marshall Wace LLP now owns 1,439,877 shares of the company's stock worth $4,824,000 after purchasing an additional 602,565 shares during the period. Acadian Asset Management LLC raised its position in shares of Expensify by 64.8% during the 1st quarter. Acadian Asset Management LLC now owns 1,418,512 shares of the company's stock worth $4,308,000 after purchasing an additional 557,533 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Expensify by 53.4% during the 1st 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 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.

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