BMO Capital Markets Has Lowered Expectations for Expensify (NASDAQ:EXFY) Stock Price

Expensify (NASDAQ:EXFY) had its price target reduced by research analysts at BMO Capital Markets from $3.00 to $2.50 in a research report issued on Friday, MarketBeat Ratings reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ target price suggests a potential upside of 46.63% from the stock’s current price.

Other analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Expensify from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 3rd. Lake Street Capital dropped their target price on shares of Expensify from $5.00 to $4.50 and set a “buy” rating on the stock in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Expensify has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

Expensify Trading Down 12.1%

EXFY stock opened at $1.71 on Friday. Expensify has a 52 week low of $1.60 and a 52 week high of $4.13. The company has a market capitalization of $137.05 million, a price-to-earnings ratio of -10.66 and a beta of 1.72. The firm’s 50-day moving average is $2.27 and its two-hundred day moving average is $2.80.

Insider Activity at Expensify

In related news, CEO David Michael Barrett sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $1.94, for a total value of $58,200.00. Following the sale, the chief executive officer directly owned 1,498,480 shares in the company, valued at $2,907,051.20. The trade was a 1.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 113,609 shares of company stock valued at $256,206. 12.27% of the stock is owned by insiders.

Institutional Trading of Expensify

Hedge funds and other institutional investors have recently made changes to their positions in the business. R Squared Ltd raised its holdings in shares of Expensify by 38.2% during the first quarter. R Squared Ltd now owns 18,790 shares of the company’s stock valued at $57,000 after acquiring an additional 5,190 shares during the period. OMERS ADMINISTRATION Corp raised its holdings in shares of Expensify by 4.7% during the first quarter. OMERS ADMINISTRATION Corp now owns 125,800 shares of the company’s stock valued at $382,000 after acquiring an additional 5,700 shares during the period. State of Wyoming raised its holdings in shares of Expensify by 13.3% during the fourth quarter. State of Wyoming now owns 52,364 shares of the company’s stock valued at $175,000 after acquiring an additional 6,138 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Expensify by 1,194.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,834 shares of the company’s stock valued at $36,000 after acquiring an additional 9,997 shares during the period. Finally, Mariner LLC acquired a new stake in shares of Expensify during the fourth quarter valued at approximately $34,000. 68.42% of the stock is currently owned by 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.