Expensify (NASDAQ:EXFY) Price Target Lowered to $4.00 at Citigroup

Expensify (NASDAQ:EXFY) had its price objective decreased by analysts at Citigroup from $5.00 to $4.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 142.42% from the company’s current price.

Separately, Piper Sandler cut their target price on shares of Expensify from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Friday, February 23rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Expensify currently has a consensus rating of “Hold” and an average target price of $5.93.

Expensify Stock Performance

EXFY opened at $1.65 on Tuesday. The firm has a market cap of $116.46 million, a P/E ratio of -3.24 and a beta of 1.49. The firm has a 50-day moving average of $1.80 and a 200 day moving average of $2.13. Expensify has a fifty-two week low of $1.40 and a fifty-two week high of $8.25.

Expensify (NASDAQ:EXFY) last posted its quarterly earnings results on Thursday, February 22nd. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.06). The company had revenue of $35.20 million for the quarter, compared to the consensus estimate of $36.85 million. Expensify had a negative net margin of 27.70% and a negative return on equity of 41.91%. Expensify’s quarterly revenue was down 19.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.04) EPS. Equities research analysts predict that Expensify will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at Expensify

In other news, COO Anuradha Muralidharan sold 16,584 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $2.14, for a total value of $35,489.76. Following the sale, the chief operating officer now directly owns 77,080 shares of the company’s stock, valued at $164,951.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO Anuradha Muralidharan sold 16,584 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $2.14, for a total value of $35,489.76. Following the sale, the chief operating officer now directly owns 77,080 shares of the company’s stock, valued at $164,951.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Steven J. Mclaughlin purchased 41,456 shares of the stock in a transaction dated Tuesday, January 30th. The stock was purchased at an average cost of $1.77 per share, for a total transaction of $73,377.12. Following the completion of the acquisition, the insider now owns 8,346,754 shares of the company’s stock, valued at approximately $14,773,754.58. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 804,343 shares of company stock valued at $1,267,742 and have sold 621,107 shares valued at $1,122,655. Insiders own 20.32% of the company’s stock.

Institutional Investors Weigh In On Expensify

A number of institutional investors and hedge funds have recently bought and sold shares of EXFY. SVB Wealth LLC raised its stake in Expensify by 63.9% in the fourth quarter. SVB Wealth LLC now owns 3,359,037 shares of the company’s stock valued at $8,297,000 after purchasing an additional 1,309,037 shares in the last quarter. Walleye Capital LLC raised its stake in Expensify by 396.1% in the third quarter. Walleye Capital LLC now owns 714,537 shares of the company’s stock valued at $2,322,000 after purchasing an additional 570,495 shares in the last quarter. Palogic Value Management L.P. raised its stake in Expensify by 33.3% in the fourth quarter. Palogic Value Management L.P. now owns 800,000 shares of the company’s stock valued at $1,976,000 after purchasing an additional 200,000 shares in the last quarter. Federated Hermes Inc. raised its stake in Expensify by 57,044.0% in the fourth quarter. Federated Hermes Inc. now owns 161,146 shares of the company’s stock valued at $398,000 after purchasing an additional 160,864 shares in the last quarter. Finally, Ceera Investments LLC purchased a new position in shares of Expensify during the fourth quarter worth approximately $309,000. 68.42% of the stock is owned by hedge funds and other institutional investors.

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.