Expensify (NASDAQ:EXFY) Shares Up 2.4% – Time to Buy?

Expensify, Inc. (NASDAQ:EXFY)’s stock price was up 2.4% during mid-day trading on Wednesday. The company traded as high as $2.67 and last traded at $2.61. 521,802 shares changed hands during mid-day trading, an increase of 17% from the average daily volume of 445,798 shares. The stock had previously closed at $2.55.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Expensify in a research report on Monday, September 28th. Citigroup raised shares of Expensify from a “market outperform” rating to an “outperform” rating in a report on Friday, August 7th. Citizens Jmp raised shares of Expensify from a “market perform” rating to an “outperform” rating and set a $3.00 price objective on the stock in a research note on Friday, August 7th. Finally, Wall Street Zen raised Expensify from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.00.

Expensify Stock Performance

The business has a 50 day moving average price of $2.38 and a 200-day moving average price of $1.74. The company has a market capitalization of $206.03 million, a price-to-earnings ratio of -15.35 and a beta of 1.73.

Expensify (NASDAQ:EXFY) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.06). The business had revenue of $33.87 million during the quarter, compared to analyst estimates of $33.70 million. Expensify had a negative net margin of 11.31% and a negative return on equity of 11.54%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of EXFY. Renaissance Technologies LLC grew its holdings in shares of Expensify by 6.7% during the first quarter. Renaissance Technologies LLC now owns 725,000 shares of the company’s stock valued at $631,000 after buying an additional 45,400 shares during the last quarter. Pale Fire Capital SE purchased a new stake in shares of Expensify in the first quarter worth approximately $418,000. Bank of New York Mellon Corp bought a new position in shares of Expensify in the second quarter valued at approximately $198,000. Finally, Howard Financial Services LTD. purchased a new position in shares of Expensify during the third quarter valued at approximately $27,000. Institutional investors and hedge funds own 68.42% of the company’s stock.

About Expensify

Expensify, Inc develops cloud-based software for expense management and business payments. Its platform enables users and organizations to capture receipts, create and submit expense reports, automate approval workflows, and reimburse employees. Expensify also provides tools for invoicing, bill payment, corporate cards, and accounting-related processes.

The company’s services are designed for individuals, small and midsize businesses, enterprises, accountants, and other organizations seeking to automate financial administration.