Stock Repurchase Plan Approved by Expensify (NASDAQ:EXFY)

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

Expensify Stock Up 20.5 %

EXFY opened at $3.88 on Friday. The stock has a market cap of $299.37 million, a price-to-earnings ratio of -21.55 and a beta of 1.87. Expensify has a twelve month low of $1.24 and a twelve month high of $4.13. The company’s 50-day moving average price is $3.52 and its two-hundred day moving average price is $2.85.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EXFY. JMP Securities downgraded shares of Expensify from an “outperform” rating to a “market perform” rating in a research report on Monday, November 25th. Lake Street Capital upped their price objective on shares of Expensify from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Citigroup upped their price objective on shares of Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th.

Insiders Place Their Bets

In other news, COO Anuradha Muralidharan sold 12,320 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $3.85, for a total value of $47,432.00. Following the completion of the sale, the chief operating officer now directly owns 4,614 shares of the company’s stock, valued at approximately $17,763.90. This trade represents a 72.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO David Michael Barrett sold 31,781 shares of Expensify stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $3.43, for a total transaction of $109,008.83. Following the transaction, the chief executive officer now directly owns 1,947,372 shares of the company’s stock, valued at approximately $6,679,485.96. This trade represents a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 279,090 shares of company stock valued at $981,364 in 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.