Lake Street Capital Issues Pessimistic Forecast for Expensify (NASDAQ:EXFY) Stock Price

Expensify (NASDAQ:EXFY) had its target price lowered by Lake Street Capital from $5.00 to $4.50 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Expensify Stock Performance

Expensify stock opened at $2.40 on Friday. The stock has a market capitalization of $192.90 million, a price-to-earnings ratio of -13.33 and a beta of 1.86. Expensify has a 52-week low of $1.24 and a 52-week high of $4.13. The stock’s 50 day moving average price is $3.02 and its two-hundred day moving average price is $3.19.

Expensify (NASDAQ:EXFY) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.09). Expensify had a negative return on equity of 14.72% and a negative net margin of 11.81%.

Expensify declared that its Board of Directors has initiated a share repurchase program on Thursday, February 27th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 20.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Daniel Vidal sold 9,000 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $3.15, for a total value of $28,350.00. Following the transaction, the director now directly owns 232,428 shares in the company, valued at $732,148.20. This trade represents a 3.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO David Michael Barrett sold 39,399 shares of the stock in a transaction on Monday, April 21st. The stock was sold at an average price of $2.75, for a total value of $108,347.25. Following the completion of the transaction, the chief executive officer now owns 1,634,345 shares in the company, valued at approximately $4,494,448.75. This represents a 2.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 280,921 shares of company stock worth $886,854 in the last ninety days. Corporate insiders own 12.27% of the company’s stock.

Institutional Investors Weigh In On Expensify

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mariner LLC purchased a new stake in Expensify in the 4th quarter valued at $34,000. Tower Research Capital LLC TRC raised its position in Expensify by 1,194.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,834 shares of the company’s stock valued at $36,000 after buying an additional 9,997 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Expensify in the 4th quarter valued at $39,000. Alpine Global Management LLC purchased a new stake in Expensify in the 4th quarter valued at $40,000. Finally, R Squared Ltd purchased a new stake in Expensify in the 4th quarter valued at $46,000. 68.42% of the stock is owned by hedge funds and other 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.