Insider Buying: Expensify, Inc. (NASDAQ:EXFY) Major Shareholder Buys 12,999 Shares of Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven J. Mclaughlin purchased 12,999 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were acquired at an average cost of $1.45 per share, with a total value of $18,848.55. Following the completion of the purchase, the insider now directly owns 9,716,363 shares in the company, valued at approximately $14,088,726.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Expensify Stock Performance

Expensify stock opened at $1.49 on Friday. The business’s 50-day simple moving average is $1.58 and its two-hundred day simple moving average is $1.80. The company has a market cap of $128.87 million, a PE ratio of -3.10 and a beta of 1.46. Expensify, Inc. has a fifty-two week low of $1.24 and a fifty-two week high of $8.25.

Expensify (NASDAQ:EXFY) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.12). The company had revenue of $33.50 million during the quarter, compared to analyst estimates of $35.56 million. Expensify had a negative net margin of 27.46% and a negative return on equity of 39.36%. The business’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.07) EPS. As a group, analysts predict that Expensify, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Citigroup decreased their target price on Expensify from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, April 23rd. JMP Securities reissued a “market perform” rating on shares of Expensify in a research report on Friday, June 14th. Finally, Morgan Stanley upgraded Expensify from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Expensify has an average rating of “Hold” and an average price target of $4.20.

Hedge Funds Weigh In On Expensify

Several institutional investors and hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC raised its holdings in Expensify by 212.5% in the 4th quarter. FNY Investment Advisers LLC now owns 12,500 shares of the company’s stock worth $30,000 after purchasing an additional 8,500 shares during the period. Quadrature Capital Ltd acquired a new position in Expensify in the 3rd quarter worth about $35,000. Corton Capital Inc. acquired a new position in Expensify in the 3rd quarter worth about $37,000. Hsbc Holdings PLC raised its holdings in Expensify by 63.5% in the 3rd quarter. Hsbc Holdings PLC now owns 55,876 shares of the company’s stock worth $184,000 after purchasing an additional 21,700 shares during the period. Finally, Azora Capital LP acquired a new position in Expensify in the 4th quarter worth about $61,000. Institutional investors and hedge funds own 68.42% of the company’s stock.

About Expensify

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.