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

Posted by on Jun 1st, 2022

Expensify, Inc. (NASDAQ:EXFY – Get Rating) saw a large decline in short interest in the month of May. As of May 15th, there was short interest totalling 3,210,000 shares, a decline of 16.6% from the April 30th total of 3,850,000 shares. Based on an average daily volume of 418,700 shares, the short-interest ratio is currently 7.7 days. Approximately 11.2% of the shares of the company are sold short.

NASDAQ:EXFY traded up $0.31 during trading hours on Wednesday, hitting $21.45. The stock had a trading volume of 8,834 shares, compared to its average volume of 507,724. Expensify has a one year low of $13.58 and a one year high of $51.06. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $17.54 and its 200-day moving average is $25.95.

Expensify (NASDAQ:EXFY – Get Rating) last announced its earnings results on Thursday, May 12th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The company had revenue of $40.37 million for the quarter, compared to analyst estimates of $39.47 million. Analysts forecast that Expensify will post -0.23 earnings per share for the current year.

A number of research firms recently issued reports on EXFY. JMP Securities reduced their target price on Expensify from $44.00 to $26.00 and set a “market outperform” rating on the stock in a research note on Thursday, March 31st. Citigroup decreased their price objective on shares of Expensify from $27.00 to $21.00 in a research report on Friday, May 13th. Piper Sandler reduced their price target on shares of Expensify from $45.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, March 31st. BMO Capital Markets began coverage on shares of Expensify in a report on Monday, April 25th. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of Expensify from a “sell” rating to a “hold” rating in a research note on Friday, May 27th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $30.43.

Institutional investors and hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. bought a new position in Expensify during the fourth quarter worth about $39,599,000. West Branch Capital LLC bought a new stake in Expensify during the 4th quarter worth approximately $44,000. OpenView Management LLC bought a new stake in shares of Expensify in the 4th quarter valued at $441,947,000. Advisor Group Holdings Inc. bought a new stake in shares of Expensify in the 4th quarter valued at $197,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Expensify in the 4th quarter valued at $3,115,000. 49.31% of the stock is currently owned by institutional investors.

About Expensify (Get Rating)

Expensify, Inc provides a cloud-based expense management software platform to individuals, small businesses, and corporations 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.

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