Expensify, Inc. (NASDAQ:EXFY) Sees Significant Decline in Short Interest

Expensify, Inc. (NASDAQ:EXFY) was the recipient of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 493,600 shares, a decrease of 27.4% from the February 28th total of 680,200 shares. Based on an average daily volume of 424,200 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.9% of the company’s shares are sold short.

Expensify Price Performance

Shares of NASDAQ:EXFY traded down $0.20 during mid-day trading on Friday, reaching $3.11. 390,418 shares of the company were exchanged, compared to its average volume of 664,137. Expensify has a 1 year low of $1.24 and a 1 year high of $4.13. The firm’s 50-day simple moving average is $3.51 and its 200 day simple moving average is $3.00. The firm has a market cap of $247.27 million, a price-to-earnings ratio of -17.28 and a beta of 1.83.

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

Insider Activity at Expensify

In other news, CEO David Michael Barrett sold 16,715 shares of Expensify stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $3.27, for a total transaction of $54,658.05. Following the sale, the chief executive officer now owns 2,072,233 shares of the company’s stock, valued at approximately $6,776,201.91. The trade was a 0.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders sold 260,133 shares of company stock valued at $889,951. 17.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. lifted its stake in Expensify by 0.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,218,204 shares of the company’s stock worth $7,431,000 after acquiring an additional 20,224 shares in the last quarter. Marshall Wace LLP increased its stake 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 purchasing an additional 602,565 shares during the period. Formula Growth Ltd. lifted its position in shares of Expensify by 1.6% during the fourth quarter. Formula Growth Ltd. now owns 950,000 shares of the company’s stock worth $3,182,000 after purchasing an additional 15,000 shares in the last quarter. Topline Capital Management LLC acquired a new stake in shares of Expensify during the fourth quarter worth about $3,085,000. Finally, Two Sigma Investments LP boosted its stake in shares of Expensify by 4.8% in the fourth quarter. Two Sigma Investments LP now owns 779,341 shares of the company’s stock valued at $2,611,000 after purchasing an additional 36,049 shares during the period. 68.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on EXFY shares. Lake Street Capital lifted their target price 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 price objective on shares of Expensify from $4.00 to $5.00 and gave the company a “buy” rating in a report on Monday, December 16th.

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.