Expensify, Inc. (NASDAQ:EXFY) Sees Large Growth in Short Interest

Expensify, Inc. (NASDAQ:EXFY - Get Free Report) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 599,000 shares, an increase of 21.4% from the March 15th total of 493,600 shares. Approximately 1.0% of the shares of the company are sold short. Based on an average trading volume of 418,300 shares, the short-interest ratio is presently 1.4 days.

Analyst Ratings Changes

Separately, Lake Street Capital raised 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.

Expensify Stock Performance

EXFY stock traded up $0.05 during midday trading on Thursday, hitting $2.88. 72,661 shares of the stock were exchanged, compared to its average volume of 395,463. The stock has a market cap of $228.58 million, a price-to-earnings ratio of -15.97 and a beta of 1.87. Expensify has a fifty-two week low of $1.24 and a fifty-two week high of $4.13. The stock's 50-day moving average price is $3.16 and its 200-day moving average price is $3.08.

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

Insider Buying and Selling at Expensify

In other Expensify news, CEO David Michael Barrett sold 45,643 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $3.68, for a total transaction of $167,966.24. Following the completion of the sale, the chief executive officer now directly owns 2,026,590 shares of the company's stock, valued at $7,457,851.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Vidal sold 9,000 shares of the company's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $3.15, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 273,693 shares of company stock valued at $862,929 in the last ninety days. Insiders own 17.33% of the company's stock.

Institutional Investors Weigh In On Expensify

Several institutional investors and hedge funds have recently made changes to their positions in the business. Exchange Traded Concepts LLC lifted its holdings in Expensify by 47.3% in the 1st quarter. Exchange Traded Concepts LLC now owns 303,837 shares of the company's stock valued at $924,000 after purchasing an additional 97,530 shares in the last quarter. Jefferies Financial Group Inc. lifted its holdings in Expensify by 33.3% in the 4th quarter. Jefferies Financial Group Inc. now owns 59,722 shares of the company's stock valued at $200,000 after purchasing an additional 14,922 shares in the last quarter. Alpine Global Management LLC acquired a new position in shares of Expensify during the 4th quarter valued at about $40,000. Two Sigma Advisers LP increased its stake in shares of Expensify by 25.9% during the 4th quarter. Two Sigma Advisers LP now owns 606,800 shares of the company's stock valued at $2,033,000 after acquiring an additional 124,800 shares during the last quarter. Finally, Two Sigma Investments LP increased its stake in shares of Expensify by 4.8% during the 4th quarter. Two Sigma Investments LP now owns 779,341 shares of the company's stock valued at $2,611,000 after acquiring an additional 36,049 shares during the last quarter. 68.42% of the stock is currently owned by hedge funds and other institutional investors.

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.