Expensify, Inc. (NASDAQ:EXFY) Short Interest Update

Expensify, Inc. (NASDAQ:EXFY) saw a large drop in short interest in March. As of March 15th, there was short interest totalling 493,600 shares, a drop of 27.4% from the February 28th total of 680,200 shares. Based on an average trading volume of 424,200 shares, the short-interest ratio is presently 1.2 days. Currently, 0.9% of the company’s stock are sold short.

Expensify Stock Performance

Shares of Expensify stock traded down $0.07 during midday trading on Tuesday, reaching $2.97. 26,819 shares of the company’s stock traded hands, compared to its average volume of 660,307. The company has a market cap of $236.14 million, a price-to-earnings ratio of -16.53 and a beta of 1.83. The company’s 50 day simple moving average is $3.50 and its 200 day simple moving average is $3.01. Expensify has a 52 week low of $1.24 and a 52 week high of $4.13.

Expensify announced that its board has initiated a share buyback plan on Thursday, February 27th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 20.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Lake Street Capital boosted their price objective on Expensify from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Citigroup boosted their target price on Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th.

Insiders Place Their Bets

In other Expensify news, CEO David Michael Barrett sold 32,473 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $3.41, for a total transaction of $110,732.93. Following the completion of the transaction, the chief executive officer now owns 2,147,203 shares in the company, valued at approximately $7,321,962.23. The trade was a 1.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel Vidal sold 9,000 shares of the company’s stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $3.15, for a total transaction of $28,350.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 269,133 shares of company stock valued at $918,301 in the last ninety days. Corporate insiders own 17.33% of the company’s stock.

Hedge Funds Weigh In On Expensify

Large investors have recently made changes to their positions in the business. Topline Capital Management LLC bought a new position in Expensify in the 4th quarter worth approximately $3,085,000. Marshall Wace LLP increased its position in Expensify by 72.0% during the fourth quarter. Marshall Wace LLP now owns 1,439,877 shares of the company’s stock worth $4,824,000 after acquiring an additional 602,565 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in Expensify by 814.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,088 shares of the company’s stock valued at $2,024,000 after purchasing an additional 537,993 shares during the last quarter. Tudor Investment Corp ET AL boosted its holdings in Expensify by 2,760.3% in the 4th quarter. Tudor Investment Corp ET AL now owns 289,717 shares of the company’s stock valued at $971,000 after purchasing an additional 279,588 shares during the period. Finally, 683 Capital Management LLC acquired a new stake in Expensify in the 4th quarter worth $740,000. Institutional investors and hedge funds own 68.42% of the company’s stock.

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.