JMP Securities Upgrades Expensify (NASDAQ:EXFY) to “Outperform”

JMP Securities upgraded shares of Expensify (NASDAQ:EXFY) from a market perform rating to an outperform rating in a research report sent to investors on Friday, MarketBeat reports. The brokerage currently has $2.50 price target on the stock.

Several other equities analysts have also issued reports on EXFY. Citigroup reduced their target price on Expensify from $5.00 to $4.00 and set a buy rating for the company in a report on Tuesday, April 23rd. Morgan Stanley upgraded Expensify from an underweight rating to an equal weight rating in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and an average price target of $2.63.

Expensify Stock Up 9.5 %

EXFY stock opened at $2.30 on Friday. The firm has a market cap of $198.94 million, a PE ratio of -4.79 and a beta of 1.48. The business has a 50 day moving average of $1.67 and a 200-day moving average of $1.72. Expensify has a 12-month low of $1.24 and a 12-month high of $4.77.

Insider Activity at Expensify

In related news, major shareholder Steven J. Mclaughlin bought 39,845 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were purchased at an average price of $1.32 per share, for a total transaction of $52,595.40. Following the completion of the transaction, the insider now directly owns 9,598,124 shares in the company, valued at approximately $12,669,523.68. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Expensify news, COO Anuradha Muralidharan sold 21,118 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $1.43, for a total transaction of $30,198.74. Following the sale, the chief operating officer now owns 58,259 shares in the company, valued at $83,310.37. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Steven J. Mclaughlin bought 39,845 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were bought at an average price of $1.32 per share, for a total transaction of $52,595.40. Following the transaction, the insider now owns 9,598,124 shares of the company’s stock, valued at $12,669,523.68. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 226,960 shares of company stock worth $326,906 and have sold 654,193 shares worth $1,091,004. 17.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Expensify

Several institutional investors have recently made changes to their positions in the stock. Wealthspire Advisors LLC raised its position in shares of Expensify by 40.7% in the second quarter. Wealthspire Advisors LLC now owns 66,212 shares of the company’s stock worth $99,000 after buying an additional 19,157 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Expensify in the first quarter worth $65,000. Acadian Asset Management LLC raised its position in shares of Expensify by 74.4% in the first quarter. Acadian Asset Management LLC now owns 303,892 shares of the company’s stock worth $557,000 after buying an additional 129,689 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Expensify by 16.6% in the first quarter. Vanguard Group Inc. now owns 3,346,715 shares of the company’s stock worth $6,158,000 after buying an additional 476,687 shares in the last quarter. Finally, Palogic Value Management L.P. raised its position in shares of Expensify by 33.3% in the fourth quarter. Palogic Value Management L.P. now owns 800,000 shares of the company’s stock worth $1,976,000 after buying an additional 200,000 shares in the last quarter. Hedge funds and other institutional investors own 68.42% of the company’s stock.

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.