Walleye Capital LLC Sells 355,975 Shares of Expensify, Inc. (NASDAQ:EXFY)

Walleye Capital LLC cut its holdings in Expensify, Inc. (NASDAQ:EXFY - Free Report) by 59.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 247,531 shares of the company's stock after selling 355,975 shares during the quarter. Walleye Capital LLC owned approximately 0.32% of Expensify worth $829,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Expensify by 814.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,088 shares of the company's stock worth $2,024,000 after purchasing an additional 537,993 shares in the last quarter. Exchange Traded Concepts LLC purchased a new stake in Expensify during the fourth quarter valued at approximately $691,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Expensify by 33.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 757,001 shares of the company's stock worth $2,536,000 after purchasing an additional 190,345 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of Expensify during the 4th quarter valued at about $293,000. Finally, Barclays PLC lifted its holdings in Expensify by 113.6% during the fourth quarter. Barclays PLC now owns 127,834 shares of the company's stock valued at $428,000 after purchasing an additional 67,987 shares in the last quarter. Institutional investors own 68.42% of the company's stock.

Insider Activity

In other news, CEO David Michael Barrett sold 45,643 shares of the business'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 transaction, the chief executive officer now 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel Vidal sold 9,000 shares of Expensify stock in a transaction on Friday, March 28th. The stock was sold at an average price of $3.15, for a total transaction of $28,350.00. Following the transaction, the director now directly owns 232,428 shares of the company's stock, valued at $732,148.20. The trade was a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 280,921 shares of company stock worth $886,854. 17.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Lake Street Capital upped their price target on Expensify from $3.00 to $5.00 and gave the stock a "buy" rating in a research note on Friday, February 28th.

Expensify Price Performance

Shares of EXFY stock traded up $0.09 during trading hours on Friday, hitting $2.98. The stock had a trading volume of 450,685 shares, compared to its average volume of 645,187. The stock has a market capitalization of $236.93 million, a price-to-earnings ratio of -16.55 and a beta of 1.87. The stock's 50-day moving average price is $3.13 and its two-hundred day moving average price is $3.09. Expensify, Inc. has a one year low of $1.24 and a one year high of $4.13.

Expensify announced that its Board of Directors has initiated a stock buyback program on Thursday, February 27th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 20.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are 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.