Expensify (NASDAQ:EXFY) Earns Underweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Expensify (NASDAQ:EXFY) in a research note released on Friday morning, Marketbeat.com reports. The brokerage issued an underweight rating on the stock.

EXFY has been the subject of a number of other research reports. Loop Capital cut shares of Expensify from a buy rating to a hold rating and cut their price target for the stock from $9.00 to $6.00 in a research note on Wednesday, August 9th. JMP Securities cut Expensify from an outperform rating to a market perform rating in a research note on Wednesday, August 9th. Morgan Stanley raised Expensify from an underweight rating to an equal weight rating and dropped their price target for the stock from $9.00 to $5.00 in a research note on Monday, June 12th. Lake Street Capital reduced their price objective on Expensify from $10.00 to $7.00 and set a buy rating on the stock in a research report on Wednesday, August 9th. Finally, Citigroup dropped their target price on Expensify from $10.00 to $8.00 and set a buy rating for the company in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $7.64.

Expensify Price Performance

NASDAQ:EXFY opened at $3.40 on Friday. Expensify has a 52-week low of $3.32 and a 52-week high of $16.33. The stock has a fifty day moving average of $5.54 and a 200 day moving average of $6.80. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.95 and a current ratio of 2.95. The firm has a market capitalization of $232.63 million, a price-to-earnings ratio of -9.71 and a beta of 1.43.

Expensify (NASDAQ:EXFY) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.20). The business had revenue of $38.88 million for the quarter, compared to the consensus estimate of $41.49 million. Expensify had a negative net margin of 17.51% and a negative return on equity of 29.21%. The business’s revenue was down 9.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.10) EPS. On average, research analysts expect that Expensify will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Expensify

In related news, major shareholder Openview Management, Llc sold 10,044,250 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $6.10, for a total value of $61,269,925.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO David Michael Barrett sold 30,000 shares of the firm’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $7.52, for a total transaction of $225,600.00. Following the completion of the transaction, the chief executive officer now directly owns 3,093,348 shares in the company, valued at $23,261,976.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Openview Management, Llc sold 10,044,250 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $6.10, for a total transaction of $61,269,925.00. The disclosure for this sale can be found here. In the last three months, insiders have bought 842,960 shares of company stock valued at $4,532,142 and have sold 10,497,150 shares valued at $63,242,657. Insiders own 20.32% of the company’s stock.

Institutional Trading of Expensify

Large investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co NY bought a new position in shares of Expensify in the 2nd quarter worth approximately $25,000. Royal Bank of Canada raised its position in Expensify by 117.8% in the third quarter. Royal Bank of Canada now owns 2,178 shares of the company’s stock worth $33,000 after acquiring an additional 1,178 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Expensify during the 2nd quarter worth $36,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Expensify during the 2nd quarter valued at $51,000. Finally, UBS Group AG purchased a new stake in shares of Expensify in the 3rd quarter worth $56,000. 56.70% of the stock is currently owned by institutional investors.

About Expensify

Expensify, Inc provides a cloud-based expense management software platform to individuals, small businesses, and corporations 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.