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

Expensify (NASDAQ:EXFY) had its price objective reduced by equities research analysts at Lake Street Capital from $5.00 to $4.50 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s target price suggests a potential upside of 87.50% from the company’s previous close.

Expensify Price Performance

Shares of Expensify stock opened at $2.40 on Friday. The firm’s fifty day simple moving average is $3.02 and its 200-day simple moving average is $3.18. Expensify has a 12 month low of $1.24 and a 12 month high of $4.13. 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 (NASDAQ:EXFY) last released its 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 net margin of 11.81% and a negative return on equity of 14.72%.

Expensify announced that its Board of Directors has approved a stock buyback program on Thursday, February 27th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 20.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Expensify news, CEO David Michael Barrett sold 31,781 shares of the company’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $3.43, for a total value of $109,008.83. Following the sale, the chief executive officer now owns 1,947,372 shares of the company’s stock, valued at $6,679,485.96. This represents a 1.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel Vidal sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $3.15, for a total transaction of $28,350.00. Following the transaction, the director now directly owns 232,428 shares of the company’s stock, valued at approximately $732,148.20. This trade represents a 3.73 % 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 quarter. Company insiders own 12.27% of the company’s stock.

Institutional Trading of Expensify

A number of large investors have recently made changes to their positions in EXFY. Ceera Investments LLC lifted its holdings in Expensify by 1.0% in the 4th quarter. Ceera Investments LLC now owns 439,330 shares of the company’s stock valued at $1,472,000 after purchasing an additional 4,330 shares in the last quarter. R Squared Ltd boosted its position in Expensify by 38.2% during the first quarter. R Squared Ltd now owns 18,790 shares of the company’s stock worth $57,000 after acquiring an additional 5,190 shares during the last quarter. State of Wyoming boosted its position in Expensify by 13.3% during the fourth quarter. State of Wyoming now owns 52,364 shares of the company’s stock worth $175,000 after acquiring an additional 6,138 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Expensify by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 316,976 shares of the company’s stock worth $1,062,000 after acquiring an additional 8,911 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings 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 acquiring an additional 9,997 shares during the last quarter. Institutional investors and hedge funds 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.