Citigroup Forecasts Strong Price Appreciation for Expensify (NASDAQ:EXFY) Stock

Expensify (NASDAQ:EXFY) had its price target lifted by equities research analysts at Citigroup from $4.00 to $5.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 29.87% from the company’s current price.

Separately, JMP Securities lowered Expensify from an “outperform” rating to a “market perform” rating in a research note on Monday, November 25th.

Expensify Trading Down 0.5 %

Shares of Expensify stock traded down $0.02 on Monday, hitting $3.85. 157,780 shares of the company traded hands, compared to its average volume of 728,037. The company has a market cap of $297.05 million, a PE ratio of -21.39 and a beta of 1.90. The stock’s 50 day moving average price is $2.57 and its 200-day moving average price is $2.14. Expensify has a 52 week low of $1.24 and a 52 week high of $4.13.

Insider Transactions at Expensify

In other Expensify news, COO Anuradha Muralidharan sold 29,410 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $3.40, for a total transaction of $99,994.00. Following the sale, the chief operating officer now directly owns 3,941 shares of the company’s stock, valued at approximately $13,399.40. This represents a 88.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Michael Barrett sold 15,454 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $2.91, for a total value of $44,971.14. Following the transaction, the chief executive officer now directly owns 2,378,319 shares of the company’s stock, valued at $6,920,908.29. This trade represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 166,621 shares of company stock worth $475,937 in the last three months. 17.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP bought a new position in Expensify during the second quarter valued at about $53,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Expensify during the 2nd quarter valued at $86,000. Dynamic Technology Lab Private Ltd boosted its holdings in Expensify by 100.6% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 44,880 shares of the company’s stock valued at $88,000 after purchasing an additional 22,504 shares during the period. Wealthspire Advisors LLC grew its position in Expensify by 40.7% in the 2nd quarter. Wealthspire Advisors LLC now owns 66,212 shares of the company’s stock worth $99,000 after purchasing an additional 19,157 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Expensify by 76.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 66,095 shares of the company’s stock valued at $130,000 after buying an additional 28,731 shares during the last quarter. 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.