Citizens analyst Aaron Kimson reiterated a Market Perform rating on Expensify Inc (NASDAQ: EXFY).

The analyst commented, "We maintain our Market Perform rating on Expensify after a Form 4 filed Thursday disclosed that Steve McLaughlin acquired an additional 2.3M shares at an average cost of $0.94 per share between March 3 and March 11, and after hosting Founder & CEO David Barrett for a fireside chat at the Citizens Technology Conference on March 2 — and after the stock has declined 77% over the TTM versus up 18% for the Russell 300 over the same time period...Expensify currently trades at less than 1x EV/FCF, a substantial discount to the peer group that we believe is justified by the company's slower relative growth rate in a difficult macro environment, its small scale of operations, and the intense competitive environment for expense management and travel software. Therefore, we see the shares as fairly valued at current levels."

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Shares of Expensify Inc closed at $0.77 yesterday.