Expensify, Inc. (NASDAQ:EXFY) Sees Significant Decrease in Short Interest

Expensify, Inc. (NASDAQ:EXFY - Get Free Report) was the recipient of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 493,600 shares, a decline of 27.4% from the February 28th total of 680,200 shares. Currently, 0.9% of the shares of the stock are sold short. Based on an average trading volume of 424,200 shares, the short-interest ratio is currently 1.2 days.

Insider Transactions at Expensify

In other news, CEO David Michael Barrett sold 32,473 shares of the firm's stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $3.41, for a total value of $110,732.93. Following the transaction, the chief executive officer now directly owns 2,147,203 shares of the company's stock, valued at approximately $7,321,962.23. This trade represents a 1.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Daniel Vidal sold 9,000 shares of the company's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $3.15, for a total transaction of $28,350.00. Following the sale, the director now directly owns 232,428 shares of the company's stock, valued at approximately $732,148.20. This represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 269,133 shares of company stock valued at $918,301 over the last ninety days. Insiders own 17.33% of the company's stock.

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Hedge Funds Weigh In On Expensify

Several large investors have recently modified their holdings of EXFY. Ceera Investments LLC raised its holdings in Expensify by 1.0% in the 4th quarter. Ceera Investments LLC now owns 439,330 shares of the company's stock valued at $1,472,000 after buying an additional 4,330 shares during the period. State of Wyoming lifted its holdings in shares of Expensify by 13.3% in the 4th quarter. State of Wyoming now owns 52,364 shares of the company's stock worth $175,000 after acquiring an additional 6,138 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Expensify by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 316,976 shares of the company's stock worth $1,062,000 after acquiring an additional 8,911 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Expensify by 1,194.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,834 shares of the company's stock valued at $36,000 after purchasing an additional 9,997 shares during the last quarter. Finally, Mariner LLC purchased a new stake in Expensify in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 68.42% of the company's stock.

Expensify Stock Performance

Shares of NASDAQ EXFY traded down $0.25 during midday trading on Thursday, reaching $2.75. 444,221 shares of the stock were exchanged, compared to its average volume of 658,136. Expensify has a twelve month low of $1.24 and a twelve month high of $4.13. The stock has a market capitalization of $218.64 million, a P/E ratio of -15.28 and a beta of 1.83. The company has a 50 day simple moving average of $3.49 and a 200 day simple moving average of $3.01.

Expensify announced that its board has approved a share buyback plan on Thursday, February 27th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 20.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

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.