Expensify, Inc. (NASDAQ:EXFY) Short Interest Down 27.4% in March

Expensify, Inc. (NASDAQ:EXFY) was the target of a large decline in short interest in 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 company are sold short. Based on an average trading volume of 424,200 shares, the short-interest ratio is presently 1.2 days.

Insider Buying and Selling at Expensify

In other Expensify news, CEO David Michael Barrett sold 16,715 shares of Expensify stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $3.27, for a total transaction of $54,658.05. Following the completion of the transaction, the chief executive officer now owns 2,072,233 shares in the company, valued at approximately $6,776,201.91. This trade represents a 0.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 260,133 shares of company stock worth $889,951. Company insiders own 17.33% of the company’s stock.

Hedge Funds Weigh In On Expensify

Hedge funds have recently made changes to their positions in the company. Jefferies Financial Group Inc. raised its stake 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 during the last quarter. Alpine Global Management LLC purchased a new position in shares of Expensify in the fourth quarter worth about $40,000. Two Sigma Advisers LP grew its stake in 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 in the last quarter. Two Sigma Investments LP raised its holdings in Expensify by 4.8% in 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. Finally, State of Wyoming lifted its stake in 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 purchasing an additional 6,138 shares in the last quarter. Institutional investors and hedge funds own 68.42% of the company’s stock.

Wall Street Analyst Weigh In

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

Expensify Price Performance

EXFY stock traded down $0.20 during mid-day trading on Friday, reaching $3.11. 390,418 shares of the company’s stock were exchanged, compared to its average volume of 664,137. The company has a market cap of $247.27 million, a price-to-earnings ratio of -17.28 and a beta of 1.83. The stock’s 50 day moving average is $3.51 and its 200 day moving average is $3.00. Expensify has a 12-month low of $1.24 and a 12-month high of $4.13.

Expensify announced that its board has initiated a stock buyback program on Thursday, February 27th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 20.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is 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.