Expensify (NASDAQ:EXFY) Given New $5.00 Price Target at Lake Street Capital

Expensify (NASDAQ:EXFY) had its price objective hoisted by Lake Street Capital from $3.00 to $5.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on EXFY. JMP Securities lowered Expensify from an “outperform” rating to a “market perform” rating in a report on Monday, November 25th. Citigroup lifted their price target on Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th.

Expensify Stock Up 20.5 %

NASDAQ EXFY opened at $3.88 on Friday. Expensify has a 52 week low of $1.24 and a 52 week high of $4.13. The business’s fifty day simple moving average is $3.51 and its 200-day simple moving average is $2.84. The firm has a market cap of $299.37 million, a PE ratio of -21.55 and a beta of 1.87.

Expensify announced that its Board of Directors has initiated a share repurchase program on Thursday, February 27th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to purchase up to 20.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Expensify news, COO Anuradha Muralidharan sold 12,320 shares of Expensify stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $3.85, for a total value of $47,432.00. Following the completion of the transaction, the chief operating officer now directly owns 4,614 shares of the company’s stock, valued at $17,763.90. The trade was a 72.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Timothy L. Christen sold 18,273 shares of Expensify stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.59, for a total value of $65,600.07. Following the completion of the transaction, the director now directly owns 194,983 shares of the company’s stock, valued at approximately $699,988.97. This represents a 8.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 279,090 shares of company stock valued at $981,364. 17.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Expensify

Institutional investors have recently bought and sold shares of the company. Mariner LLC acquired a new position in Expensify in the 4th quarter valued at about $34,000. Tower Research Capital LLC TRC grew 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 acquiring an additional 9,997 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Expensify in the 4th quarter valued at about $39,000. Alpine Global Management LLC purchased a new position in shares of Expensify in the 4th quarter valued at about $40,000. Finally, R Squared Ltd purchased a new position in shares of Expensify in the 4th quarter valued at about $46,000. 68.42% of the stock is owned by institutional investors and hedge funds.

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.