Arrowstreet Capital Limited Partnership Increases Stock Position in Expensify, Inc. (NASDAQ:EXFY)

Arrowstreet Capital Limited Partnership increased its holdings in Expensify, Inc. (NASDAQ:EXFY - Free Report) by 33.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 757,001 shares of the company's stock after purchasing an additional 190,345 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.98% of Expensify worth $2,536,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EXFY. SG Americas Securities LLC acquired a new position in shares of Expensify during the 4th quarter worth approximately $39,000. R Squared Ltd acquired a new position in Expensify during the fourth quarter worth $46,000. Quantbot Technologies LP purchased a new position in Expensify during the fourth quarter valued at $68,000. XTX Topco Ltd lifted its holdings in Expensify by 29.6% during the third quarter. XTX Topco Ltd now owns 68,789 shares of the company's stock valued at $135,000 after purchasing an additional 15,730 shares in the last quarter. Finally, Bailard Inc. acquired a new stake in shares of Expensify in the fourth quarter valued at about $146,000. Hedge funds and other institutional investors own 68.42% of the company's stock.

Insider Activity at Expensify

In related news, CEO David Michael Barrett sold 30,000 shares of Expensify stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $3.50, for a total transaction of $105,000.00. Following the transaction, the chief executive officer now owns 2,203,787 shares in the company, valued at approximately $7,713,254.50. This trade represents a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel Vidal sold 9,000 shares of the business's stock in a transaction on Friday, March 28th. The stock was sold at an average price of $3.15, for a total value of $28,350.00. Following the transaction, the director now directly owns 232,428 shares in the company, valued at $732,148.20. This trade represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 269,133 shares of company stock valued at $918,301. Corporate insiders own 17.33% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on EXFY shares. Citigroup raised their price target on shares of Expensify from $4.00 to $5.00 and gave the company a "buy" rating in a research note on Monday, December 16th. Lake Street Capital raised their target price on Expensify from $3.00 to $5.00 and gave the company a "buy" rating in a research report on Friday, February 28th.

Expensify Stock Performance

Shares of NASDAQ EXFY traded up $0.08 during mid-day trading on Tuesday, reaching $2.81. The company's stock had a trading volume of 34,810 shares, compared to its average volume of 653,768. The stock has a 50-day moving average of $3.31 and a two-hundred day moving average of $3.05. The stock has a market capitalization of $223.02 million, a P/E ratio of -15.56 and a beta of 1.87. Expensify, Inc. has a 1-year low of $1.24 and a 1-year high of $4.13.

Expensify declared that its Board of Directors has authorized a stock repurchase program on Thursday, February 27th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 20.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Expensify Company Profile

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.