Expensify (NASDAQ:EXFY) Board Authorizes Stock Buyback Program

Expensify (NASDAQ:EXFY) announced that its board has initiated a stock repurchase program on Thursday, February 27th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 20.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

EXFY has been the subject of several recent analyst reports. Citigroup upped their price target on Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Monday, December 16th. JMP Securities downgraded Expensify from an “outperform” rating to a “market perform” rating in a research note on Monday, November 25th. Finally, Lake Street Capital increased their target price on Expensify from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Friday.

Expensify Stock Up 20.5 %

Shares of NASDAQ:EXFY opened at $3.88 on Friday. The business has a 50 day moving average price of $3.51 and a 200 day moving average price of $2.84. Expensify has a twelve month low of $1.24 and a twelve month high of $4.13. The company has a market cap of $299.37 million, a price-to-earnings ratio of -21.55 and a beta of 1.87.

Insider Activity at Expensify

In other Expensify news, COO Anuradha Muralidharan sold 29,410 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $3.40, for a total value of $99,994.00. Following the completion of the transaction, the chief operating officer now owns 3,941 shares of the company’s stock, valued at $13,399.40. This represents a 88.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Michael Barrett sold 13,272 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $3.84, for a total value of $50,964.48. Following the completion of the transaction, the chief executive officer now directly owns 1,207,675 shares of the company’s stock, valued at approximately $4,637,472. This trade represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 279,090 shares of company stock worth $981,364 in the last 90 days. 17.33% of the stock is owned by company insiders.

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.