Palogic Value Management L.P. Decreases Holdings in Expensify, Inc. (NASDAQ:EXFY)

Palogic Value Management L.P. decreased its stake in shares of Expensify, Inc. (NASDAQ:EXFY - Free Report) by 37.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 550,806 shares of the company's stock after selling 324,194 shares during the quarter. Palogic Value Management L.P. owned about 0.71% of Expensify worth $1,845,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Expensify during the 4th quarter valued at about $39,000. R Squared Ltd purchased a new stake in Expensify during the fourth quarter valued at $46,000. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Expensify by 100.6% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 44,880 shares of the company's stock valued at $88,000 after acquiring an additional 22,504 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Expensify by 76.9% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 66,095 shares of the company's stock worth $130,000 after purchasing an additional 28,731 shares during the period. Finally, XTX Topco Ltd boosted its stake in Expensify by 29.6% during the third quarter. XTX Topco Ltd now owns 68,789 shares of the company's stock worth $135,000 after buying an additional 15,730 shares during the period. 68.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Expensify

In other Expensify news, CEO David Michael Barrett sold 45,643 shares of Expensify stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total value of $167,966.24. Following the transaction, the chief executive officer now directly owns 2,026,590 shares of the company's stock, valued at approximately $7,457,851.20. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 260,133 shares of company stock worth $889,951 over the last quarter. Insiders own 17.33% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Citigroup upped their target price on 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 lifted their price objective on Expensify from $3.00 to $5.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, JMP Securities cut shares of Expensify from an "outperform" rating to a "market perform" rating in a report on Monday, November 25th.

Expensify Trading Up 4.2 %

Shares of NASDAQ:EXFY traded up $0.14 on Tuesday, reaching $3.49. The company had a trading volume of 494,575 shares, compared to its average volume of 664,783. The firm has a market capitalization of $277.48 million, a PE ratio of -19.39 and a beta of 1.83. Expensify, Inc. has a 52-week low of $1.24 and a 52-week high of $4.13. The firm's 50 day simple moving average is $3.51 and its 200-day simple moving average is $2.98.

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

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.