Stock Buyback Program Initiated by Expensify (NASDAQ:EXFY)

Expensify (NASDAQ:EXFY) declared that its board has approved a stock repurchase program on Thursday, February 27th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 20.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Expensify Stock Up 20.5 %

Expensify stock opened at $3.88 on Friday. Expensify has a 52-week low of $1.24 and a 52-week 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. The firm’s fifty day moving average is $3.52 and its 200 day moving average is $2.85.

Analyst Ratings Changes

Several research firms have recently commented on EXFY. Citigroup boosted their target price on shares of Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. Lake Street Capital boosted their target price on shares of Expensify from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday. Finally, JMP Securities downgraded shares of Expensify from an “outperform” rating to a “market perform” rating in a report on Monday, November 25th.

Insider Buying and Selling at Expensify

In other news, Director Timothy L. Christen sold 18,273 shares of the company’s 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 transaction, the director now directly owns 194,983 shares in the company, valued at approximately $699,988.97. This represents a 8.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Anuradha Muralidharan sold 12,320 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $3.85, for a total transaction of $47,432.00. Following the completion of the transaction, the chief operating officer now owns 4,614 shares in the company, valued at approximately $17,763.90. The trade was a 72.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 279,090 shares of company stock worth $981,364 over the last quarter. Insiders own 17.33% of the company’s stock.

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.